By Sheri Kasprzak
New York, June 1-Numerex Corp. completed a $10 million private placement of convertible and non-convertible term notes with Laurus Master Fund, Ltd.
Laurus bought a $5 million convertible term note and a $5 million non-convertible term note.
Both notes mature May 30, 2010 and bear interest at 9.75% annually.
The convertible notes are convertible into common shares at $7.91 each.
Numerex has a put right on the notes if its stock exceeds $8.70.
The investor also received warrants for 241,379 shares, exercisable at $7.73 each.
The proceeds will be used to repay debt associated with the company's acquisition of Airdesk Wireless.
Atlanta-based Numerex provides wireless fixed and mobile machine-to-machine solutions as well as other network services and technologies.
Convertible notes
| Issuer: | Numerex Corp.
|
| Issue: | Convertible term note
|
| Amount: | $5 million
|
| Maturity: | May 30, 2010
|
| Coupon: | 9.75%
|
| Price: | Par
|
| Yield: | 9.75%
|
| Conversion price: | $7.91
|
| Warrants: | For 241,379 shares
|
| Warrant strike price: | $7.73
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | May 30
|
| Stock symbol: | Nasdaq: NMRX
|
| Stock price: | $7.30 at close May 30
|
|
|
| Non-convertible notes
|
| Issuer: | Numerex Corp.
|
| Issue: | Non-convertible term note
|
| Amount: | $5 million
|
| Maturity: | May 30, 2010
|
| Coupon: | 9.75%
|
| Price: | Par
|
| Yield: | 9.75%
|
| Warrants: | See convertible note
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | May 30
|
| Stock symbol: | Nasdaq: NMRX
|
| Stock price: | $7.30 at close May 30
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
