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Prospect News home > News index > List of issuers V > Headlines for Versadial, Inc. > News item |
Versadial to raise $10 million, signs agreement for $1.5 million advance
By Devika Patel
Knoxville, Tenn., March 9 - Versadial, Inc. signed a term sheet with Fursa Master Global Event Driven Fund, LP on March 3, according to an 8-K filed Monday with the Securities and Exchange Commission. The two companies also agreed to a private placement of notes.
The private placement will consist of between $8 million and $10 million in senior secured convertible notes with warrants. The term sheet obligates the company to complete a closing of this deal by July 2.
Fursa advanced the company $500,000 under this agreement and agreed to make four additional advances of $250,000 each once a month for a total of $1.5 million.
The principal of each advance will be added to the principal amount of the company's senior secured convertible redeemable promissory note, which was sold to Fursa in August 2006. In addition, in exchange for these advances, the note won't accrue interest from Aug. 9, 2008 until and including July 1, 2009.
New York-based Versadial manufactures a dispenser that blends liquids for industrial purposes.
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