By Devika Patel
Knoxville, Tenn., July 15 - Tissera, Inc. negotiated a bridge loan with a number of investors on June 18 for up to $1.65 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company completed a $200,000 tranche on July 8, the date the deal settled.
The loan is represented by original issue discount bridge loan notes, with a 14% discount.
The notes will be due on Jan. 4, 2009, but may mature earlier if the company consummates a transaction in which it receives gross proceeds of at least $2 million.
The note's principal will be convertible at any time with a conversion price of $0.10 per share.
Additionally, in connection with each closing of the financing, the investors will receive warrants for a number of common shares equal to 200% of the number of shares into which the notes would be convertible.
The warrants will be exercisable on a cashless basis at $0.185 until July 31, 2013.
Tissera is a tissue transportation company based in Herzlia, Israel.
| Issuer: | Tissera, Inc.
|
| Issue: | Bridge loan represented by bridge loan notes
|
| Amount: | $1.65 million
|
| Price: | 86
|
| Tenor: | 180 days (Jan. 4, 2009)
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| Conversion price: | $0.10
|
| Warrants: | For 33 million shares
|
| Warrant expiration: | July 31, 2013
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| Warrant strike price: | $0.185
|
| Pricing date: | June 18
|
| Settlement date: | July 8 (for $200,000)
|
| Stock symbol: | OTCBB: TSSR
|
| Stock price: | $0.06 at close on June 18
|
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