By Laura Lutz
Des Moines, Sept. 4 - Vubotics, Inc. arranged a $2 million private placement of discounted senior secured convertible notes and warrants, according to an 8-K filing with the Securities and Exchange Commission.
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 will receive warrants for 10 shares. The warrants will be exercisable at $0.20 per share for five years.
The company will be settled in multiple tranches. As of Sept. 4, the company had accepted subscriptions for a total of $450,000.
So far, four 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.
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
|
| 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
|
| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 29 (for $300,000); Aug. 31 (for $150,000)
|
| Stock symbol: | OTCBB: VBTCE
|
| Stock price: | $0.09 at close Aug. 28
|
© 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.
