By Sheri Kasprzak
New York, July 14 - Visiphor Corp. settled a $1.6 million private placement with Quorum Secured Equity Trust.
The 8% debentures are due Dec. 15, 2009 and are convertible at $0.45 each.
The investor received warrants for 2.35 million shares, exercisable at C$0.30 each through Dec. 15, 2009.
Proceeds from the deal will be used for business expansion and working capital.
Visiphor, based in Vancouver, B.C., develops software used to integrate databases and business processes.
| Issuer: | Visiphor Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $1.6 million
|
| Maturity: | Dec. 15, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.45
|
| Warrants: | For 2.35 million shares
|
| Warrant expiration: | Dec. 15, 2009
|
| Warrant strike price: | C$0.30
|
| Settlement date: | July 14
|
| Stock symbol: | TSX Venture VIS
|
| Stock price: | C$0.20 at close July 14
|
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