Visualant revises terms of PIPE warrants sold to Gemini, Ascendiant

Company issues $850,000 promissory note, payable in two installments

By Devika Patel

Knoxville, Tenn., Jan. 30 - Visualant, Inc. revised the terms of the warrants sold to Gemini Master Fund, Inc. and Ascendiant Capital Partners, LLC in a private placement on Jan. 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company sold the warrants with $1 million of debentures on May 19, 2011.

The company repurchased the Ascendiant warrant for $300,000, which is due in full on March 31.

The Gemini purchase price for the warrants will now be due on March 31, extended from Nov. 30, 2012.

All additional investment rights have been bought from the investors for an $850,000 promissory note, which is payable in two installments of $425,000 each, with accrued 5% interest due on June 30 and Sept. 30.

Seattle-based Visualant develops security and authentication systems technology.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.