By Sheri Kasprzak
New York, March 7 - New Century Companies, Inc. said it entered into an agreement with Camofi Master LDC to settle a $3.5 million private placement of senior secured convertible notes.
The 12% notes are due Feb. 28, 2009 and are convertible into shares at $0.63 each.
The investor received warrants for 3,476,190 shares, exercisable at $0.63 each for seven years.
Camofi has the option to buy another $1.5 million in principal of the notes.
Ascendiant Securities LLC was the placement agent.
Los Angeles-based New Century produces a graffiti-resistant building material used for sound proofing.
| Issuer: | New Century Companies, Inc.
|
| Issue: | Senior secured convertible notes
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| Amount: | $3.5 million
|
| Maturity: | Feb. 28, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.63
|
| Warrants: | For 3,476,190 shares
|
| Warrant expiration: | Seven years
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| Warrant strike price: | $0.63
|
| Investor: | Camofi Master LDC
|
| Placement agent: | Ascendiant Securities LLC
|
| Settlement date: | Feb. 28
|
| Stock symbol: | OTCBB: NCNC
|
| Stock price: | $0.63 at close Feb. 28
|
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