By Sheri Kasprzak
New York, March 14 - Conolog Corp. revealed the terms on its previously announced $2.825 million private placement of convertible promissory notes.
The two-year notes bear interest at 6% annually and are convertible at $2.00 each.
The notes also included warrants for 1,412,500 shares, exercisable at $2.00 through March 11, 2009 and warrants for 1,412,500 shares, exercisable at $2.88 each for five years beginning Sept. 8, 2007.
First Montauk Securities Corp. was the placement agent.
Based in Somerville, N.J., Conolog provides signal-processing technologies to electric utilities.
Issuer: | Conolog Corp.
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Issue: | Convertible promissory notes
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Amount: | $2.825 million
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Maturity: | Two years
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Conversion price: | $2.00
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Warrants: | For 2.825 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $2.00 for half the warrants; $2.88 for half the warrants
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Placement agent: | First Montauk Securities Corp.
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Settlement date: | March 12
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Stock symbol: | Nasdaq: CNLG
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Stock price: | $2.75 at close March 12
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