By Sheri Kasprzak
New York, Aug. 22 - Veridicom International, Inc. has completed a private placement of callable secured convertible notes for $4.62 million.
The company mostly recently sold $1.22 million in principal of the notes to New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; AJW Partners, LLC; Alpha Capital; Enable Growth Partners LP; Whalehaven Capital Fund Ltd.; Meadowbrook Opportunity Fund LLC and TCMP3 Partners.
The company issued $1.7 million of the notes on Feb. 25 and May 9.
The 10% notes mature in three years and are convertible into common shares at $1.27 each.
Veridicom expects to raise the remaining $480,000 from the offering in the near future, bringing the total proceeds to $5.1 million.
The notes may be prepaid at any time with no penalty.
Overall, the investors received warrants for 9.24 million shares. Half of the warrants are series A warrants, exercisable at $3.00 each for five years, and the other half are series B warrants, exercisable at $5.00 each for five years.
Based in Vancouver, B.C., Veridicom makes silicon-based biometric identification devices.
| Issuer: | Veridicom International, Inc.
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| Issue: | Callable secured convertible notes
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| Amount: | $4.62 million
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| Maturity: | Three years
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | $1.27
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| Warrants: | For 9.24 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.00 for half (series A warrants); $5.00 for half (series B warrants)
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| Investors: | New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; AJW Partners, LLC; Alpha Capital; Enable Growth Partners LP; Whalehaven Capital Fund Ltd.; Meadowbrook Opportunity Fund LLC, TCMP3 Partners
|
| Settlement date: | Aug. 16
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| Stock price: | $0.99 at close Aug. 16
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