Debentures sold with five-year warrants for 6.2 million common shares
By Devika Patel
Knoxville, Tenn., April 25 – ID Global Solutions Corp. settled a private placement of $1.55 million secured convertible debentures on April 19, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 12% debentures are due in six months. They initially convert to common stock at $0.25 per share.
Investors also received warrants for 6.2 million shares. The warrants are each initially exercisable at $0.25 for five years. The strike price and conversion price are 212.5% premiums to the April 18 closing share price of $0.08.
Network 1 Financial Securities, Inc. was paid a $124,000 cash fee and received 496,000 common shares.
The Longwood, Fla., company develops biometric technology.
| Issuer: | ID Global Solutions Corp.
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| Issue: | Secured convertible debentures
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| Amount: | $1.55 million
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| Maturity: | Six months
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| Coupon: | 12%
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| Conversion price: | $0.25
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| Conversion premium: | 212.5%
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| Warrants: | For 6.2 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.25
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| Settlement date: | April 19
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| Stock symbol: | OTCBB: IDGS
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| Stock price: | $0.08 at close April 18
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| Market capitalization: | $15.06 million
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