By Sheri Kasprzak
New York, March 28 - Clickable Enterprises, Inc. said it settled a $1 million private placement of 6% convertible notes.
AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners II, LLC bought the notes, which are due March 21, 2009.
The notes are convertible into shares at a price equal to 60% of the average of the lowest three trading prices for the 20 trading days before conversion.
In any month when the company's stock trades above $0.028125, no interest will accrue on the notes.
Clickable may prepay a portion of the notes at 101% of principal plus interest if its stock is trading below $0.03.
The investors were granted warrants for 4 million shares, exercisable at $0.10 each.
Clickable, based in Mt. Vernon, N.Y., provides online heating oil services to residential and commercial clients in the New York City area.
| Issuer: | Clickable Enterprises, Inc.
|
| Issue: | Convertible notes
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| Amount: | $1 million
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| Maturity: | March 21, 2009
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Conversion price: | Equal to 60% of the average of the lowest three trading prices for the 20 trading days before conversion
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| Call: | May be prepaid at 101% of principal plus interest if stock trades below $0.03
|
| Warrants: | For 4 million shares
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| Warrant strike price: | $0.10
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| Investors: | AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC, New Millennium Capital Partners II, LLC
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| Settlement date: | March 22
|
| Stock symbol: | OTCBB: CKEI
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| Stock price: | $0.03 at close March 22
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