By Devika Patel
Knoxville, Tenn., March 10 - Retail Pro, Inc. arranged a $2.5 million private placement of a secured term note with Laurus Master Fund, Ltd., according to an 8-K filed with the Securities and Exchange Commission Monday.
The note will bear interest at Prime rate plus 2%, provided that it never is less than 9.5%. It matures on Feb. 28, 2009.
Laurus also received warrants for 15 million shares, which are exercisable at $0.01 per share for ten years.
Proceeds will be used for working capital and other purposes.
Based in Irvine, Calif., Retail Pro provides software solutions and services to the retail industry.
| Issuer: | Retail Pro, Inc.
|
| Issue: | Secured term note
|
| Amount: | $2.5 million
|
| Maturity: | Feb. 28, 2009
|
| Coupon: | Prime rate plus 2%
|
| Price: | Par
|
| Warrants: | For 15 million shares
|
| Warrant expiration: | Ten years
|
| Warrant strike price: | $0.01
|
| Investor: | Laurus Master Fund, Ltd.
|
| Pricing date: | March 3
|
| Stock symbol: | Pink Sheets: RTPR
|
| Stock price: | $0.06 at close March 3
|
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