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Market share price on date of close
$2.10
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$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
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Represents a premium to market of approximately
10%
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The note carries interest of 1.75 percent
above prime with a floor of six percent per annum
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The Company can elect to pre-pay the
note in cash
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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.
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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.
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Market share Price 60 days post closing
$2.30