By Sheri Kasprzak
New York, Aug. 12 - NCT Group, Inc. raised $1 million from the issue a $5 million convertible note to investor Carole Salkind.
The 8% note was priced at 20 and matures in six months. The note is convertible into a total of 500 million shares at a penny each.
Salkind received warrants for 93 million shares, exercisable at $0.01 each for five years.
The cash proceeds will be used to finance the purchase of computer equipment for subsidiary Artera Group, Inc.
Based in Westport, Conn., NCT develops products to reduce noise for companies in the media and entertainment industries.
| Issuer: | NCT Group, Inc.
|
| Issue: | Convertible note
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| Amount: | $5 million
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| Proceeds: | $1 million
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| Maturity: | Six months
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| Coupon: | 8%
|
| Price: | 20
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| Conversion ratio: | Into 500 million shares
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| Conversion price: | $0.01
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| Warrants: | For 93 million shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.01
|
| Investor: | Carole Salkind
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| Settlement date: | Aug. 8
|
| Stock price: | $0.01 at close Aug. 8
|
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