By Sheri Kasprzak
New York, June 21 - Nitches, Inc. concluded a $3.15 million private placement of subordinated convertible debentures.
The 12% debentures were purchased by Birchten Investments, Ltd. and Granite Financial Group.
The debentures are due Dec. 31, 2009 and are convertible into common shares at $4.12 each.
The debentures may be redeemed before maturity at 110% of the principal amount being redeemed.
The investors also received warrants for 577,500 shares, exercisable at $4.12 each for five years.
Based in San Diego, Nitches is a wholesale apparel company.
Issuer: | Nitches, Inc.
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Issue: | Subordinated convertible debentures
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Amount: | $3.15 million
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Maturity: | Dec. 31, 2009
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Coupon: | 12%
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Price: | Par
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Yield: | 12%
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Conversion price: | $4.12
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Call: | For 110% of par
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Warrants: | For 577,500 shares
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Warrant expiration: | Five years
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Warrant strike price: | $4.12
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Investors: | Birchten Investments, Ltd., Granite Financial Group
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Settlement date: | June 21
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Stock symbol: | Nasdaq: NICH
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Stock price: | $3.90 at close June 21
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