By Devika Patel
Knoxville, Tenn., Dec. 9 - Novint Technologies, Inc. arranged a $4.25 million private placement of 8% promissory notes on Nov. 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It has already raised $600,000.
The notes are due Dec. 4, 2009. They may be prepaid without penalty.
The investors also will receive warrants for 4.25 million shares. The warrants are exercisable at $1.00 for five years.
Settlement is expected Feb. 9.
Proceeds will be used for working capital and general corporate purposes.
Based in Albuquerque, Novint develops 3-D computing technologies.
| Issuer: | Novint Technologies, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $4.25 million
|
| Maturity: | Dec. 4, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | For 4.25 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 9 (for $600,000), Feb. 9
|
| Stock symbol: | OTCBB: NVNT
|
| Stock price: | $0.45 at close Dec. 2
|
| Market capitalization: | $16.1 million
|
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