Offering with Arthur Rosen also includes five-year warrants
By Devika Patel
Knoxville, Tenn., June 2 – Jerrick Media Holdings, Inc. arranged a $1 million secured term loan facility with Arthur Rosen on May 26, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The loan accrues interest at 12.5% and is due on May 26, 2017.
Rosen also will receive warrants for 1 million shares. The warrants are exercisable at $0.40 for five years. The strike price reflects a 33.33% discount to the June 1 closing price of $0.60.
The digital media content producer is based in Englewood, N.J.
| Issuer: | Jerrick Media Holdings, Inc.
|
| Issue: | Secured term loan
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| Amount: | $1 million
|
| Maturity: | May 26, 2017
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| Coupon: | 12.5%
|
| Warrants: | For 1 million shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $0.40
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| Investor: | Arthur Rosen
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| Announcement date: | June 2
|
| Settlement date: | May 26
|
| Stock symbol: | OTCBB: JMDA
|
| Stock price: | $0.60 at close June 1
|
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