By Laura Lutz
Des Moines, Aug. 30 - NeoMedia Technologies, Inc. secured $1.78 million from a private placement of secured convertible debentures.
The investor was YA Global Investments LP, which was formerly known as Cornell Capital Partners, LP.
The debenture bears interest at 14% and matures in two years. It is convertible into common stock at the lesser of $0.02 and 80% of the lowest volume weighted average price of the company's stock for the 10 trading days before conversion.
YA Global also received warrants for 75,000,000 shares, exercisable at $0.02 per share for five years.
NeoMedia is a technology company based in Fort Myers, Fla.
| Issuer: | NeoMedia Technologies, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $1,775,000
|
| Maturity: | Aug. 24, 2009
|
| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%
|
| Conversion price: | Lesser of $0.02 and 80% of the lowest volume weighted average price for 10 days before conversion.
|
| Warrants: | For 75,000,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.02
|
| Investor: | YA Global Investments LP
|
| Settlement date: | Aug. 24
|
| Stock symbol: | OTCBB: NEOME
|
| Stock price: | $0.057 at close Aug. 30
|
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