By Sheri Kasprzak
New York, Nov. 28 - Nexicon, Inc. has settled a private placement for $2 million.
The company issued secured convertible debentures to Cornell Capital Partners, LP.
The debentures replace secured promissory notes issued to Cornell on March 3, 2005 in principal of $1 million plus $85,479.45 in interest. The debentures also replace $389,337.67 in a secured promissory note issued on May 4, 2005.
A total of $525,182.88 was issued as new debentures.
The 10% debentures mature in two years and are convertible into common shares at 90% of the lowest closing bid price for the 10 trading days before conversion.
Nexicon may redeem the debentures at 120% of the outstanding principal plus interest. For every $100,000 in principal redeemed, Cornell will receive a warrant for 1 million shares.
Based in Albuquerque, Nexicon provides secure network and management services and video surveillance systems via satellite.
| Issuer: | Nexicon, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $2 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | 90% of the lowest closing bid price for the 10 trading days before conversion
|
| Call: | At 120% of the outstanding principal plus interest
|
| Warrants: | No
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | Nov. 21
|
| Stock price: | $0.02 at close Nov. 21
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