By Sheri Kasprzak
New York, July 3 - Triton Distribution Systems Inc. completed a $3 million private placement of senior convertible notes.
The 1% notes were sold to JMW Fund LLC; San Gabriel Fund LLC; Underwood Family Partners, Ltd.; and Battersea Capital, Inc.
The notes are due July 1, 2008. The notes are also convertible into common shares any time 30 days after the settlement date. The conversion price will be equal to the conversion price or price per share of any subsequent offering, with a floor of $3.00.
The investors also received warrants for 2 million shares, exercisable at $3.00 each for five years.
So far, the company has drawn $1 million from the facility and may draw another $1 million by July 30.
Located in Sausalito, Calif., Triton provides business-to-business travel services.
| Issuer: | Triton Distribution Systems Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $3 million
|
| Maturity: | July 1, 2008
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion price: | Equal to the conversion price or share price of subsequent offering, $3.00 floor
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00
|
| Investors: | JMW Fund LLC; San Gabriel Fund LLC; Underwood Family Partners, Ltd.; Battersea Capital Inc.
|
| Settlement date: | June 28
|
| Stock symbol: | OTCBB: TTDS
|
| Stock price: | $1.73 at close June 28
|
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