By Devika Patel
Knoxville, Tenn., July 31 - Raptor Networks Technology, Inc. settled a $1.25 million private placement of senior secured convertible notes and common shares on July 28, 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 July 28, 2010 and accrue interest at 10% per annum. The company prepaid two years' interest at closing.
Investors also received warrants for 2.5 million shares, which are exercisable at $0.50 for 84 months, and 1.25 million common shares.
Proceeds will be used for general corporate purposes.
Based in Santa Ana, Calif., Raptor Networks develops network switching architectures.
| Issuer: | Raptor Networks Technology, Inc.
|
| Issue: | Senior secured convertible notes, common shares, warrants
|
| Amount: | $1,250,000
|
| Maturity: | July 28, 2010
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | For 2.5 million shares
|
| Warrant expiration: | 84 months
|
| Warrant strike price: | $0.50
|
| Settlement date: | July 28
|
| Stock symbol: | OTCBB: RPTN
|
| Stock price: | $0.54 at close July 28
|
|
|
| Shares
|
| Shares: | 1.25 million
|
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