By Sheri Kasprzak
New York, Sept. 29 - No Borders, Inc. revealed the particulars of its $2.5 million private placement of convertible debentures.
The two-year debentures, sold to Bridgepointe Partners, LP and Miller Investments, LLC, bear interest at 8% annually and are convertible into common shares at $0.10 each.
The investors will receive warrants for 5 million shares, exercisable at $0.10 each for 10 years.
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.
| Issuer: | No Borders, Inc.
|
| Issue: | Convertible debentures
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| Amount: | $2.5 million (maximum)
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| Maturity: | Two years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $0.10
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| Warrants: | For 5 million shares
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| Warrant expiration: | 10 years
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| Warrant strike price: | $0.10
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| Investors: | Bridgepointe Partners, LP and Miller Investments, LLC
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| Settlement date: | Sept. 23
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| Stock price: | $0.10 at close Sept. 23
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