Investors , including iVue, also receive warrants for 2,970,166 shares
By Devika Patel
Knoxville, Tenn., Feb. 1 - rVue Holdings, Inc. settled a$1.19 million private placement of 6% secured convertible promissory notes on Jan. 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The amount includes $288,069 of previous notes that were converted into the new notes.
The note is due Jan. 31, 2013 and is convertible at maturity into common shares at $0.20 per share, which represents a 9.09% discount to $0.22, the Jan. 26 closing share price. The company may force conversion if it conducts a financing of at least $500,000 after the closing date but prior to the maturity date.
Investors also received warrants for 2,970,166 common shares. Each of the five-year warrants is exercisable at $0.20, which is also a 9.09% discount to the Jan. 26 closing price.
iVue Holdings, LLC was the lead investor.
Based in Fort Lauderdale, Fla., rVue offers digital advertising services.
| Issuer: | rVue Holdings, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $1,188,067 (including $288,069 of previous debt)
|
| Maturity: | Jan. 31, 2013
|
| Coupon: | 6%
|
| Conversion price: | $0.20
|
| Warrants: | For 2,970,166 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Investor: | iVue Holdings, LLC (lead)
|
| Settlement date: | Jan. 27
|
| Stock symbol: | OTCBB: RVUE
|
| Stock price: | $0.21 at close Jan. 27
|
| Market capitalization: | $10.46 million
|
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