By Sheri Kasprzak
Atlanta, March 4 - RoomLinx Inc. said it has closed a private placement for $1.1 million.
The company sold convertible debentures due the earlier of Sept. 2, 2005 or the date the company closes a subsequent financing of at least $1 million.
The debentures bear interest at 11% annually and are convertible before maturity into a total of 15,473,332 shares at $0.075 each.
The investors also received warrants for 9,533,333 shares at $0.075 each for five years.
Based in Hackensack, N.J., RoomLinx provides high-speed wireless services to hotels and conference centers. The proceeds will be used for working capital, capital expenditures and potential acquisitions.
| Issuer: | RoomLinx Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1.1 million
|
| Maturity: | Earlier of Sept. 2, 2005 or the closing of a subsequent financing for at least $1 million
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Conversion price: | $0.075
|
| Conversion ratio: | Into 15,473,332 shares
|
| Warrants: | For 9,533,333 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.075
|
| Settlement date: | March 3
|
| Stock price: | $0.12 at close March 3
|
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