By Devika Patel
Knoxville, Tenn., March 20 - NetFabric Holdings, Inc. settled a $5 million private placement of a secured convertible promissory note on March 12, according to an 8-K filed Friday with the Securities and Exchange Commission.
Fortify Infrastructure Services, Inc. is the investor.
The 8% note will mature in six months. It is convertible into subsidiary NetFabric Technologies, Inc.'s series A preferred stock.
The company used approximately $3 million of the proceeds to repay debt owed to Laurus Master Fund. The balance of the proceeds will be used for debt repayment, other payables and for working capital purposes.
Based in Brookfield, Conn., NetFabric develops internet protocol platforms.
| Issuer: | NetFabric Holdings, Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $5 million
|
| Maturity: | Six months
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | No
|
| Investor: | Fortify Infrastructure Services, Inc.
|
| Pricing date: | March 20
|
| Stock symbol: | Pink Sheets: NFBH
|
| Stock price: | $0.0005 at close March 19
|
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