By Devika Patel
Knoxville, Tenn., May 9 - Cash Technologies, Inc. completed a $1.59 million private placement of a 12% secured convertible debenture on May 5, according to an 8-K filed Friday with the Securities and Exchange Commission.
The debenture matures on May 31, 2011. Interest is payable quarterly beginning on July 1.
It is convertible into common shares at $0.25 per share.
The company may force conversion of all or a portion of the debenture if the volume weighted average price of its common stock exceeds $0.50 for 20 consecutive trading days.
The investors also received six-month series A warrants for 1.59 million shares, exercisable at $0.35 and five-year series B warrants for 3.18 million shares, exercisable at $0.50.
Based in Los Angeles, Cash Technologies develops data processing products for the health care and consumer finance industries.
| Issuer: | Cash Technologies, Inc.
|
| Issue: | Secured convertible debenture, series A warrants, series B warrants
|
| Amount: | $1.59 million
|
| Maturity: | May 31, 2011
|
| Coupon: | 12%, payable quarterly
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.25
|
| Warrants: | For 1.59 million shares (series A), for 3.18 million shares (series B)
|
| Warrant strike price: | $0.35 (series A), $0.50 (series B)
|
| Settlement date: | May 5
|
| Stock symbol: | Amex: TQ
|
| Stock price: | $0.11 at close May 5
|
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