By Sheri Kasprzak
New York, Feb. 22 - Nesco Industries, Inc. wrapped a portion of an ongoing $5 million private placement for $4.456 million.
The company issued 9% notes to a group of institutional investors including BridgePointe Master Fund Ltd. The notes are due Feb. 15, 2009 and are convertible at $0.00464 per share.
The investors also received warrants for 480 million shares, exercisable at $0.00464 each for five years.
The company may sell another $500,000 in notes and may issue warrants for another 54 million shares.
Proceeds will be used for debt repayment and working capital.
New York-based Nesco develops hydrogel inserts used in footwear.
| Issuer: | Nesco Industries, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $4.456 million
|
| Maturity: | Feb. 15, 2009
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $0.00464
|
| Warrants: | For 480 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.00464
|
| Investors: | BridgePointe Master Fund Ltd. (lead)
|
| Settlement date: | Feb. 15
|
| Stock symbol: | OTCBB: NESK
|
| Stock price: | $0.008 at close Feb. 15
|
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