Investor Coco Partners also receives warrants for 5.9 million shares
By Devika Patel
Knoxville, Tenn., May 4 – Rokwader Inc. arranged a $6.1 million private placement of stock with Coco Partners, LLC on April 28, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company is selling up to 15.25 million common shares at $0.40 apiece, a 9.09% discount to the April 27 closing share price of $0.44.
Coco Partners also will receive warrants for 5.9 million shares, exercisable until April 1, 2020. Of the warrants, 5 million are each exercisable at $0.60, 500,000 are each exercisable at $1.00 and 400,000 are each exercisable at $1.25. The strike prices are 36.36%, 127.27% and 184.09% premiums to the April 27 closing share price.
Settlement of the first $3.05 million tranche of 7,625,000 shares is expected May 6.
The Woodland Hills, Calif., company owns music catalogs.
| Issuer: | Rokwader Inc.
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| Issue: | Common stock
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| Amount: | $6.1 million
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| Shares: | 15.25 million
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| Price: | $0.40
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| Warrants: | For 5.9 million shares
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| Warrant expiration: | April 1, 2020
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| Warrant strike price: | $0.83
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| Investor: | Coco Partners, LLC
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| Pricing date: | April 28
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| Settlement date: | May 6 (for $3.05 million)
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| Stock symbol: | OTCBB: ROKR
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| Stock price: | $0.44 at close April 27
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| Market capitalization: | $1.13 million
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