Offering also includes five-year warrants for 7.5 million common shares
By Devika Patel
Knoxville, Tenn., Oct. 22 – ID Global Solutions Corp. sold a total of $1,125,000 of secured promissory notes in a private placement from Sept. 25 through Oct. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission. As previously reported, the company raised $1 million on Sept. 25.
The note carries a 12% coupon. The interest may be converted to common stock at $0.10 per share, which is an 81.82% discount to the Sept. 24 closing share price of $0.55.
Investors also received five-year warrants for 7.5 million common shares, which are each exercisable at $0.15. The strike price is a 72.73% discount to the Sept. 24 closing share price.
The Longwood, Fla., company develops biometric technology.
| Issuer: | ID Global Solutions Corp.
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| Issue: | Secured promissory note
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| Amount: | $1,125,000
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| Coupon: | 12%
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| Conversion price: | $0.10
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| Warrants: | For 7.5 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.15
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| Settlement date: | Sept. 25 (for $1 million), Sept. 25 through Oct. 7 (for $125,000)
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| Stock symbol: | OTCBB: IDGS
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| Stock price: | $0.55 at close Sept. 24
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| Market capitalization: | $100.13 million
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