By Devika Patel
Knoxville, Tenn., April 8 - Secured Digital Storage Corp. negotiated a $1.2 million private loan with warrants with David Hoffman in a deal that settled on April 1, according to an 8-K filed Monday with the Securities and Exchange Commission.
Interest on the loan's promissory note is 18% annually, which is payable at maturity on Sept. 30, 2008.
The company also issued a two-year warrant to Hoffman, which is exercisable for up to 1.2 million common shares at $0.80 per share.
The loan is secured by a guaranty of payment made by TAPO Ventures LLC.
Downers Grove, Ill.-based Secured Digital Storage provides fully managed digital storage services.
| Issuer: | Secured Digital Storage Corp.
|
| Issue: | Loan
|
| Amount: | $1.2 million
|
| Maturity: | Sept. 30, 2008
|
| Coupon: | 18%, payable upon maturity
|
| Price: | Par
|
| Warrants: | For 1.2 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.80
|
| Investor: | David Hoffman
|
| Settlement date: | April 1
|
| Stock symbol: | OTCBB: SDGS
|
| Stock price: | $4.08 at close April 1
|
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