Senior secured convertible debentures sold with five-year warrants
By Devika Patel
Knoxville, Tenn., June 22 – Tapinator Inc. said it sold a $2.24 million senior secured convertible debenture to Hillair Capital Investments LP for $2 million in a non-brokered private placement.
The 8% debenture initially converts to common stock at $0.205 per share, which is a 24.07% discount to the June 19 closing share price of $0.27. The debentures mature on Jan. 1, 2017.
The investors also received five-year warrants for 10.9 million shares. The warrants are each exercisable at $0.30, which is an 11.11% premium to the June 19 closing share price.
The developer and publisher of mobile games is based in New York.
| Issuer: | Tapinator Inc.
|
| Issue: | Senior secured convertible debenture
|
| Amount: | $2.24 million
|
| Maturity: | Jan. 1, 2017
|
| Price: | $2 million
|
| Coupon: | 8%
|
| Conversion price: | $0.205
|
| Warrants: | For 10.9 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Agent: | Non-brokered
|
| Settlement date: | June 22
|
| Stock symbol: | OTCBB: TAPM
|
| Stock price: | $0.27 at close June 19
|
| Market capitalization: | $14.58 million
|
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