By Sheri Kasprzak
New York, Aug. 1 - Teleplus Enterprises, Inc. wrapped a $3 million private placement of convertible debentures with Cornell Capital Partners, LP.
The 10% debentures are due in 2009 and are convertible into common shares at the lesser of $0.20 each or 95% of the lowest volume weighted average price for the 20 trading days before conversion.
The investor received warrants for 5 million shares, exercisable at $0.11 each; for 10 million shares at $0.13 each; for 10 million shares, exercisable at $0.15 each; and for 5 million shares, exercisable at $0.18.
Teleplus is a landline and wireless communications provider based in St. Laurent, Quebec.
| Issuer: | Teleplus Enterprises, Inc.
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| Issue: | Convertible debentures
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| Amount: | $3 million
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| Maturity: | 2009
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | The lesser of $0.20 or 95% of the lowest VWAP for the 20 trading days before conversion
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| Warrants: | For 30 million shares
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| Warrant strike price: | $0.11 for 5 million shares; $0.13 for 10 million shares; $0.15 for 10 million shares; $0.18 for 5 million shares
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| Investors: | Cornell Capital Partners, LP
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| Settlement date: | July 28
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| Stock symbol: | OTCBB: TLPE
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| Stock price: | $0.15 at close July 28
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