5% notes sold to holder of company's debentures, preferred stock
By Angela McDaniels
Tacoma, Wash., May 9 - netTalk.com Inc. sold a $1.5 million 5% promissory note to Vicis Capital Master Fund. This is the last stage in a series of funding rounds under a promissory note agreement, according to a company news release.
Vicis previously purchased a $1.5 million note in March and a $1 million note in January. The total amount loaned is $4 million.
Principal and interest is payable upon demand, according to an 8-K filing with the Securities and Exchange Commission.
Vicis is the holder of the company's senior secured debentures and series A preferred stock.
"This round of funding from our primary investor is particularly useful to us as we gear up to sell the netTALK DUO with additional major bricks-and-mortar and online retail outlets," chairman and president Anastasios "Takis" Kyriakides said in the news release. "It will also help us further ramp up our marketing efforts and sales of the netTALK DUO."
Miami-based netTalk.com sells products and connectivity network phone service that use voice over internet protocol.
| Issuer: | netTalk.com Inc.
|
| Issue: | Promissory notes
|
| Amount: | $4 million
|
| Coupon: | 5%
|
| Warrants: | No
|
| Investor: | Vicis Capital Master Fund
|
| Settlement date: | May 3 (for $1.5 million)
|
| Stock symbol: | OTCBB: NTLK
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| Stock price: | $0.70 at close May 6
|
| Market capitalization: | $8.33 million
|
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