By Sheri Kasprzak
Atlanta, Dec. 3 - Sharp Holding Corp. said Friday it has raised $1 million from the private placement of convertible secured notes and warrants.
New Millennium Capital Partners II LLC, AJW Qualified Partners LLC, AJW Offshore Ltd. and AJW Partners LLC bought $1 million in callable convertible secured notes and warrants for 1 million shares.
On Nov. 30, the investors bought $500,000 in notes and received warrants for 500,000 shares. The investors will buy an additional $200,000 in notes within five days of registration of the related shares and $300,000 within five days of the finalization of the registration statement.
The notes bear interest at 8% and mature in two years. The notes are convertible into common shares at the lower of $0.21 or 65% of the average three lowest intraday trading prices during 20 trading days before the conversion date.
The warrants in the deal allow for an additional share at $0.17 each for five years.
Based in Houston, Sharp develops internet security, software and content-management applications. The company plans to use the proceeds from the financing to provide capital for its operations.
| Issuer: | Sharp Holding Corp.
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| Issue: | Convertible secured note
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| Amount: | $1 million
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| Maturity: | Two years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $0.21
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| Warrants: | 1 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.17
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| Investors: | New Millennium Capital Partners II LLC; AJW Qualified Partners LLC; AJW Offshore Ltd.; AJW Partners LLC
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| Settlement date: | Nov. 30
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| Stock price: | $0.23 at close Nov. 30
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