Telestrata buys restricted common shares, warrants at $0.18 per share
By Devika Patel
Knoxville, Tenn., March 24 - netTALK.com, Inc. arranged a $4.57 million private placement of stock with Telestrata LLC on March 11, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 25,441,170 restricted common shares at $0.18 per share. The price per share is identical to the March 10 closing share price.
Telestrata will also receive 20% warrant coverage. Each one-year warrant is exercisable for free.
The purchase price will be paid through the conversion and cancellation of $500,000 of promissory notes, $837,373 in cash and the satisfaction of $2.74 million of liabilities.
Based in Miami, netTALK.com provides voice-over-internet protocol products and services.
| Issuer: | netTALK.com, Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $4,571,939
|
| Shares: | 25,441,170
|
| Price: | $0.18
|
| Warrants: | 20% coverage
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.00
|
| Investor: | Telestrata LLC
|
| Pricing date: | March 11
|
| Stock symbol: | OTCBB: NTLK
|
| Stock price: | $0.18 at close March 10
|
| Market capitalization: | $8.58 million
|
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