By Laura Lutz
Des Moines, Nov. 6 - Vubotics, Inc. raised an additional $75,000 from its previously announced $2 million private placement of discounted senior secured convertible notes and warrants, according to an 8-K filing with the Securities and Exchange Commission.
This closing brings the proceeds so far to $1.37 million.
In this tranche, Vubotics issued $90,000 principal amount of notes and warrants for 750,000 shares.
In total, the company has issued $1,638,000 principal amount of notes. The complete placement is expected to consist of $2.4 million principal amount of notes.
The 0% notes are priced at 83.3 and mature on March 28, 2008. They are convertible into common stock at $0.10 per share.
For each $1.00 that the subscribers invest, the investors receive warrants for 10 shares. The warrants will be exercisable at $0.20 per share for five years.
The placement will be settled in multiple tranches.
So far, fourteen investors have subscribed in the deal:
• Tiger Trust invested $250,000 and Icon Capital Partners invested $50,000 on Aug. 29;
• Suratek IPR Ltd. invested $50,000 and Tom Prasil invested $100,000 on Aug. 31;
• Orion Capital Investments, LLC invested $500,000; Tebo Capital, LLC invested $100,000; Potomac Capital Partners, LP invested $52,024; and Potomac Capital International Ltd. invested $36,793 on Sept. 28;
• Sands Partnership No. 1 Money Purchase Pension Plan and Trust invested $100,000 on Oct. 3;
• Green Corporate Finance Ltd. invested $15,000 on Oct. 4; and
• Kazi Management VI LLC invested $50,000, Michael Dion invested $10,000 and Adam Cabibi invested $15,000 on Oct. 31.
Atlanta-based VuBotics develops software used for providing text for online, small screen and broadcast applications.
| Issuer: | Vubotics, Inc.
|
| Issue: | Discounted senior secured convertibles notes
|
| Proceeds: | $2 million
|
| Principal amount: | $2.4 million
|
| Maturity: | March 28, 2008
|
| Coupon: | 0%
|
| Price: | 83.3
|
| Conversion price: | $0.10
|
| Warrants: | For 10 shares for each $1.00 invested
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Investors: | Tiger Trust (for $250,000); Icon Capital Partners (for $50,000); Suratek IPR Ltd. (for $50,000); Tom Prasil (for $100,000); Orion Capital Investments, LLC (for $500,000); Tebo Capital, LLC (for $100,000); Potomac Capital Partners, LP (for $52,024); Potomac Capital International Ltd. (for $36,793); Sands Partnership No. 1 Money Purchase Pension Plan and Trust (for $100,000); Green Corporate Finance Ltd. (for $15,000); Kazi Management VI LLC (for $50,000); Michael Dion (for $10,000); Adam Cabibi (for $15,000)
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 29 (for $300,000); Aug. 31 (for $150,000); Sept. 28 (for $725,000); Oct. 3 (for $100,000); Oct. 4 (for $15,000); Oct. 31 (for $75,000)
|
| Stock symbol: | OTCBB: VBTCE
|
| Stock price: | $0.09 at close Aug. 28
|
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