By Sheri Kasprzak
New York, Oct. 12 - Nstein Technologies Inc. revealed the details on its previously announced C$5.1 million private placement of senior secured convertible notes for proceeds of C$4.1 million.
The zero-coupon notes, priced at 80 or a 20% discount, are convertible into common shares at C$0.14 each.
For their investment in the two-year notes, the investors received warrants for 11.67 million shares, exercisable for five years at C$0.18 each.
The proceeds will be used for debt repayment and for general corporate purposes.
Based in Montreal, Nstein develops software to analyze unstructured data in almost every language.
| Issuer: | Nstein Technologies Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | C$5.1 million
|
| Proceeds: | C$4.1 million
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Price: | 80
|
| Conversion price: | C$0.14
|
| Warrants: | For 11.67 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.18
|
| Settlement date: | Oct. 12
|
| Stock price: | C$0.17 at close Oct. 12
|
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