Company offers 10% one-year promissory notes to group of investors
By Devika Patel
Knoxville, Tenn., Feb. 21 - SearchMedia Holdings Ltd. settled a $3 million private placement of 10% convertible promissory notes on Feb. 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Each note is due in one year and is convertible into common shares at $1.25 per share, which represents a 13.64% premium to $1.10, the Feb. 16 closing share price.
The investors were Frost Gamma Investments Trust, TGC Financial Partners Ltd., CS Capital USA, LLC, and China Seed Ventures LP.
SearchMedia is a Shanghai, China-based media and advertising company.
| Issuer: | SearchMedia Holdings Ltd.
|
| Issue: | Convertible promissory notes
|
| Amount: | $3 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | $1.25
|
| Conversion premium: | 13.64%
|
| Warrants: | No
|
| Investors: | Frost Gamma Investments Trust, TGC Financial Partners Ltd., CS Capital USA, LLC, and China Seed Ventures LP
|
| Settlement date: | Feb. 17
|
| Stock symbol: | Amex: IDI
|
| Stock price: | $1.10 at close Feb. 16
|
| Market capitalization: | $30.24 million
|
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