Notes sold in two closings with five-year warrants for 500,000 shares
By Devika Patel
Knoxville, Tenn., June 2 – IFAN Financial Inc. sold $500,000 of 10% secured promissory notes to SBI Investments, LLC in a private placement on May 28, effective May 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal will settle in two tranches.
The notes mature in one year.
SBI also received three-year warrants for 500,000 common shares. Of the warrants, half are each exercisable at $0.50, and the remaining half are each exercisable at $1.00. The strike prices are 316.67% and 733.33% premiums to the May 27 closing share price of $0.12.
The San Diego company designs, develops and distributes software to enable mobile payments.
| Issuer: | IFAN Financial Inc.
|
| Issue: | Secured promissory notes
|
| Amount: | $500,000
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | $0.50, $1.00
|
| Investor: | SBI Investments, LLC
|
| Settlement date: | May 28, effective May 14
|
| Stock symbol: | OTCBB: IFAN
|
| Stock price: | $0.12 at close May 27
|
| Market capitalization: | $10 million
|
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