By Sheri Kasprzak
New York, Nov. 22 - Red Mile Entertainment, Inc. concluded a private placement of senior secured convertible debentures for $8.244 million.
The 5.5% debentures were issued to institutional and private investors.
Of the principal, $5.824 million is due on Oct. 19, 2008 and the rest on Nov. 20, 2008. The debentures are convertible into common stock at $1.75 per share.
The debentures are redeemable at 115% of principal plus interest.
J.F. Mackie & Co., Ltd. was the placement agent.
Proceeds will be used for the development of the company's interactive video games.
Based in Sausalito, Calif., Red Mile develops interactive entertainment software.
| Issuer: | Red Mile Entertainment, Inc.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $8.244 million
|
| Maturity: | Oct. 19, 2008 for $5.824 million; Nov. 20, 2008 for $2.42 million
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 5.5%
|
| Conversion price: | $1.75
|
| Call: | Redeemable at 115% of principal plus interest
|
| Warrants: | No
|
| Placement agent: | J.F. Mackie & Co., Ltd.
|
| Settlement date: | Nov. 22
|
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