Offering also includes five-year warrants for 8,333,338 common shares
By Devika Patel
Knoxville, Tenn., Dec. 24 – ID Global Solutions Corp. sold another $125,000 of secured promissory notes in a private placement from Oct. 8 through Nov. 5, according to an 8-K filed Thursday with the Securities and Exchange Commission. As previously reported, the company raised $1 million on Sept. 25 and $125,000 between Sept. 25 and Oct. 7.
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 8,333,338 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.
|
| Issue: | Secured promissory note
|
| Amount: | $1,250,000
|
| Coupon: | 12%
|
| Conversion price: | $0.10
|
| Warrants: | For 8,333,338 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Settlement dates: | Sept. 25 (for $1 million), Sept. 25 through Oct. 7 (for $125,000), Oct. 8 through Nov. 5 (for $125,000)
|
| Stock symbol: | OTCBB: IDGS
|
| Stock price: | $0.55 at close Sept. 24
|
| Market capitalization: | $85.58 million
|
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