Company inks deal with User Friendly Media to fund repayment of loans
By Devika Patel
Knoxville, Tenn., Feb. 5- VoodooVox Inc. said it arranged a C$4.93 million private placement of stock and a secured debenture that will settle on Thursday.
The company will sell 96.5 million common shares at C$0.05 per share. The price per share is a 90% discount to the Feb. 5 closing share price of C$0.50.
In addition, the company will sell a C$100,000 13.5% debenture to User Friendly Media, which will purchase 67.5 million of the shares as well.
Proceeds will be used for general working capital, to expand the company's sales force and to repay short-term loans.
Calgary, Alta.-based VoodooVox, formerly Call Genie, provides voice-enabled mobile local search services.
| Issuer: | VoodooVox Inc.
|
| Issue: | Common stock, secured debenture
|
| Amount: | C$4,925,000
|
| Warrants: | No
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 6
|
| Stock symbol: | CNSX: VVX
|
| Stock price: | C$0.50 at close Feb. 5
|
|
|
| Shares
|
| Amount: | C$4,825,000
|
| Shares: | 96.5 million
|
| Price: | C$0.05
|
| Investor: | User Friendly Media (for C$3,375,000)
|
|
|
| Debenture
|
| Amount: | C$100,000
|
| Coupon: | 13.5%
|
| Investor: | User Friendly Media
|
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