By Sheri Kasprzak
New York, April 6 - RadView Software Ltd. said it has wrapped a $1.5 million private placement of convertible preferred stock and convertible notes.
The company has received agreements from Fortissimo Capital Fund GP LP for 25 million convertible preferred shares at $0.03 each and $750,000 in convertible notes.
Each preferred is convertible into one common share.
The investor has the option to buy up to $2.25 million in additional preferreds within 14 days of closing.
The 8% notes are convertible into common shares at $0.03 each and are due in three years.
The investor will receive warrants for 18.75 million preferreds exercisable at $0.04 each for five years. If the investor chooses to exercise its option to buy the additional preferreds, it will receive another 56.25 million warrants.
The company also received a bridge loan for up to $500,000. The loan bears interest at 8% annually and is due in 60 days.
Based in Burlington, Mass., RadView is an application-testing software developer.
Preferreds
| Issuer: | RadView Software Ltd.
|
| Issue: | Convertible preferred stock
|
| Amount: | $750,000
|
| Shares: | 25 million
|
| Price: | $0.03
|
| Conversion ratio: | Each preferred into one common share
|
| Warrants: | For 18.75 million preferreds
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.04
|
| Investor: | Fortissimo Capital Fund GP LP
|
| Settlement date: | April 4
|
| Stock symbol: | OTCBB: RDVWF
|
| Stock price: | $0.10 at close April 4
|
|
|
| Convertible notes
|
| Issuer: | RadView Software Ltd.
|
| Issue: | Convertible notes
|
| Amount: | $750,000
|
| Maturity: | Three year
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.03
|
| Warrants: | No
|
| Investor: | Fortissimo Capital Fund GP LP
|
| Settlement date: | April 4
|
| Stock symbol: | OTCBB: RDVWF
|
| Stock price: | $0.10 at close April 4
|
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