Market share price on date of close
$2 million in the form of a two-year
fixed price Convertible Secured Note, which is convertible into common shares at $2.33 a share
Represents a premium to market of approximately
The note carries interest of 1.75 percent
above prime with a floor of six percent per annum
The Company can elect to pre-pay the
note in cash
The investor was granted a warrant
to purchase 125,000 shares common stock for a period of five years from the date of the transaction.
The per share exercise price of the
warrant is $2.68 for 75,000 shares subject to the warrant, $2.91 for 35,000 shares, and $3.38 for 15,000 shares.
Market share Price 60 days post closing