By Sheri Kasprzak
New York, Sept. 11 - Tradequest International, Inc. concluded a $1.5 million private placement of 6% secured convertible notes.
The notes were purchased by AJW Partners, LLC; AJW Offshore, Ltd.; AJW Qualified Partners, LLC; and New Millennium Capital Partners II, LLC.
The notes are due Aug. 29, 2009 and are convertible into common shares at a price equal to 50% of the market price at conversion with the percentage discount from the trading price decreasing to 45% if the company files its registration statement in a timely manner and to 40% if the statement becomes effective in a timely manner.
The investors received warrants for 10 million shares, exercisable at $0.40 each through Aug. 29, 2013.
The notes may be prepaid at 120% of the amount being prepaid within 30 days of issuance, 130% of the amount being prepaid between 31 and 60 days of issuance and at 140% of the amount being prepaid after 61 days from issuance.
Located in Fort Lauderdale, Fla., Tradequest is a voice-over-internet protocol provider.
| Issuer: | Tradequest International, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 29, 2009
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | Initially equal to 50% of the market price at conversion, subject to reduction
|
| Warrants: | For 10 million shares
|
| Warrant expiration: | Aug. 29, 2013
|
| Warrant strike price: | $0.40
|
| Investors: | AJW Partners, LLC; AJW Offshore, Ltd.; AJW Qualified Partners, LLC; and New Millennium Capital Partners II, LLC
|
| Settlement date: | Aug. 31
|
| Stock symbol: | OTCBB: TRDQE
|
| Stock price: | $0.10 at close Aug. 31
|
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