By Sheri Kasprzak
New York, Aug. 22 - Radview Software Ltd. settled a $1.5 million private placement of convertible preferred stock and a convertible loan.
The company issued 25 million shares of series A convertible preferreds at $0.03 each for proceeds of $750,000. The preferreds are convertible on a one-for-one basis for common stock.
The investors, Fortissimo Capital Fund GP LP, Shem Basum Ltd., Yehuda Zisapel and Michael Chill, received five-year warrants for 18.75 million shares of series B preferred stock, exercisable at $0.04 each.
Investors led by Fortissimo also funded a $750,000 convertible loan, which bears interest at 8% annually and is convertible at $0.03 each. The loan is due Sept. 17, 2009.
The investors have the option through Feb. 18, 2008, to buy another $2.25 million in convertible stock at $0.03 each. Assuming this option is exercised, the investors will receive warrants for up to 56.25 million additional convertible preferreds, exercisable at $0.04 each for five years.
Proceeds will be used for working capital.
Based in Rosh Haayin, Israel, Radview develops technologies used to verify the performance, scalability and integrity of web applications.
Convertible preferreds
| Issuer: | Radview Software Ltd.
|
| Issue: | Series A convertible preferreds
|
| Amount: | $750,000
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| Shares: | 25 million
|
| Price: | $0.03
|
| Conversion ratio: | One-for-one for common stock
|
| Warrants: | For 18.75 million shares of series B convertible preferreds
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.04
|
| Investors: | Fortissimo Capital Fund GP LP; Shem Basum Ltd.; Yehuda Zisapel; and Michael Chill
|
| Settlement date: | Aug. 18
|
| Stock symbol: | OTCBB: RDVWF
|
| Stock price: | $0.08 at close Aug. 18
|
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| Convertible loan
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| Issuer: | Radview Software Ltd.
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| Issue: | Convertible loan
|
| Amount: | $750,000
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| Maturity: | Sept. 17, 2009
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| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
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| Conversion price: | $0.03
|
| Warrants: | No
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| Investors: | Fortissimo Capital Fund GP LP (lead)
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| Settlement date: | Aug. 18
|
| Stock symbol: | OTCBB: RDVWF
|
| Stock price: | $0.08 at close Aug. 18
|
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