By Sheri Kasprzak
Atlanta, March 21 - ConectiSys Corp. said it has closed a private placement of secured convertible notes for $1.4 million.
The company sold the notes to AJW Partners LLC, AJW Offshore Ltd., AJW Qualified Partners LLC and New Millennium Capital Partners II LLC.
The notes are due March 17, 2007, bear interest at 8% annually and are convertible into common shares at the lesser of $0.005 each or 40% of the average lowest three intraday trading prices 20 days immediately before conversion.
The investors also received warrants for up to 2.8 million shares at $0.0039 each.
Under the terms of the agreement, the investors have the right to require ConectiSys to register shares equal to 200% of the underlying notes and warrants.
Based in Valencia, Calif., ConectiSys develops digital meter-reading technologies.
| Issuer: | ConectiSys Corp.
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| Issue: | Secured convertible notes
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| Amount: | $1.4 million
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| Maturity: | March 17, 2007
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | The lesser of $0.005 or 40% of the average lowest three intraday trading prices 20 days before conversion
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| Warrants: | For up to 2.8 million shares
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| Warrant strike price: | $0.0039
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| Investors: | AJW Partners LLC, AJW Offshore Ltd., AJW Qualified Partners LLC and New Millennium Capital Partners II LLC
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| Settlement date: | March 17
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| Stock price: | $0.0024 at close March 17
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