By Sheri Kasprzak
Atlanta, Feb. 2 - Numerex Corp. said it has closed a private placement financing for $1.5 million.
The company sold a secured convertible term note to Laurus Master Fund Ltd. The note bears interest at 8% annually and is convertible into common shares at $5.31 each. The note matures in three years.
Laurus also received warrant for 100,000 shares at $5.62 each. The warrant may be exercised on a cashless basis in two separate tranches.
Based in Atlanta, Numerex is a communications technology business that operates subsidiaries in the wireless, internet and cable infrastructure industries. It plans to use the proceeds from the private placement for working capital.
Issuer: | Numerex Corp.
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Issue: | Secured convertible term note
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Amount: | $1.5 million
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Maturity: | Three 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: | 5.31
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Warrants: | For 100,000 shares
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Warrant strike price: | $5.62
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Investor: | Laurus Master Fund Ltd.
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Settlement date: | Feb. 2
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Stock price: | $5.05 at close Feb. 2
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