New Issue: Raptor secures $3.13 million from sale of convertible notes, stock, warrants

By Devika Patel

Knoxville, Tenn., April 2 - Raptor Networks Technology, Inc. settled a $3.13 million private placement of senior secured convertible notes, common shares and warrants on March 31, according to a company news release and a Wednesday filing with the Securities and Exchange Commission.

The notes are convertible into common shares at $1.00 per share. They mature on March 31, 2010 and accrue interest at 10% per annum. The company prepaid two years' interest at closing.

Investors also received warrants for 6.25 million shares, which are exercisable at $1.00 until March 31, 2017, and 3,125,000 common shares.

Proceeds will be used to advance the company's business operations to achieve sustainability across multiple sales verticals.

Based in Santa Ana, Calif., Raptor Networks develops network switching architectures.

Issuer:	Raptor Networks Technology, Inc.
Issue:	Secured convertible notes, common shares, warrants
Amount:	$3,125,000
Maturity:	March 31, 2010
Coupon:	10%
Price:	Par
Yield:	10%
Conversion price:	$1.00
Warrants:	For 6.25 million shares
Warrant expiration:	March 31, 2017
Warrant strike price:	$1.00
Settlement date:	March 31
Stock symbol:	OTCBB: RPTN
Stock price:	$0.83 at close March 31
Shares
Shares:	3,125,000

© 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.