Investor TCA Global Credit Master Fund also gets 352,941 common shares
By Devika Patel
Knoxville, Tenn., July 29 - Wild Craze, Inc. arranged to sell a $2 million revolving credit note to TCA Global Credit Master Fund, LP on July 23, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $300,000 at settlement.
The 12% note matures on Jan. 22, 2014. The note may be converted to common stock at a conversion price equal to 85% of the lowest daily volume-weighted average price of the stock during the five trading days preceding the conversion date.
TCA also received 352,941 common shares as a $90,000 fee.
Proceeds will be used for general operating expenses.
The multimedia and marketing company is based in Brooklyn, N.Y.
| Issuer: | Wild Craze, Inc.
|
| Issue: | Revolving credit note
|
| Amount: | $2 million
|
| Maturity: | Jan. 22, 2014
|
| Coupon: | 12%
|
| Conversion price: | 85% of the lowest daily volume-weighted average price of the stock during the five trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | TCA Global Credit Master Fund, LP
|
| Fees: | 352,941 shares
|
| Pricing date: | July 23
|
| Settlement date: | July 23 (for $300,000)
|
| Stock symbol: | OTCBB: WILD
|
| Stock price: | $0.51 at close July 22
|
| Market capitalization: | $13.87 million
|
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