By Sheri Kasprzak
New York, June 4 - ACE*Comm Corp. plans to settle a $4.2 million private placement of senior secured convertible notes.
The notes bear interest at Prime rate plus 300 basis points and are due in three years. The conversion terms of the note were unavailable at press time Monday.
Warrants are included in the offering but the terms were not available Monday.
Proceeds from the deal will be used for the development of applications like Parent Patrol and Enterprise Patrol, two products used by mobile operators to control phone usage.
Based in Gaithersburg, Md., ACE*Comm develops mobile applications.
| Issuer: | ACE*Comm Corp.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $4.2 million
|
| Maturity: | Three years
|
| Coupon: | Prime rate plus 300 basis points
|
| Warrants: | Unavailable number
|
| Announcement date: | June 4
|
| Stock symbol: | Nasdaq: ACEC
|
| Stock price: | $0.84 at close June 4
|
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