No Borders wraps $2.5 million convertible debenture offering

By Sheri Kasprzak

New York, Sept. 28 - No Borders, Inc. said it has completed a $2.5 million convertible debenture offering with Bridgepointe Partners, LP and Miller Investments, LLC.

The debentures mature in two years. The rest of the details of the offering were unavailable by press time Wednesday.

So far, No Borders has received a total of $500,000 from the offering. The company may put to Bridgepointe up to three additional debentures in principal amount of $250,000, subject to certain financial and operational milestones. Bridgepointe has the option to buy up to four additional debentures each at $250,000 in principal for the next two years.

Based in Los Angeles, No Borders provides debit and stored-value cards for residents of developing countries.

On Wednesday, the company's stock lost $0.02 to close at $0.10.

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