New Issue: Procera Networks completes $4.2 million sale of stock, convertible promissory notes

By Devika Patel

Knoxville, Tenn., May 8 - Procera Networks, Inc. concluded a $4.2 million private placement of common stock, convertible promissory notes and non-convertible promissory notes on May 4, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company sold shares at $0.40 per share for $1.84 million, $1.86 million in convertible notes and $500,000 in non-convertible notes.

Both notes accrue interest at 10%.

The convertible note may be converted at $0.40 per common share. It is automatically convertible when the shares placement settles.

The non-convertible note matures April 30, 2010.

Based in Los Gatos, Calif., Procera provides solutions for network traffic identification and management.

Issuer:	Procera Networks, Inc.
Issue:	Convertible promissory notes, promissory notes, common stock
Amount:	$4,195,000
Warrants:	No
Pricing date:	May 4
Stock symbol:	Amex: PKT
Stock price:	$0.95 at close May 4
Market capitalization:	$77.7 million
Shares
Amount:	$1,835,000
Shares:	4,587,000
Price:	$0.40
Convertible notes
Amount:	$1.86 million
Coupon:	10%
Price:	Par
Yield:	10%
Conversion price:	$0.40
Non-convertible promissory notes
Amount:	$500,000
Maturity:	April 30, 2010
Coupon:	10%
Price:	Par
Yield:	10%

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