By Sheri Kasprzak
New York, Feb. 16 - NetFabric Holdings, Inc. said it has wrapped a $3 million private placement of a $1.5 million secured convertible note and a $1.5 million secured non-convertible revolving note.
Both notes were purchased by Laurus Master Fund, Ltd.
The convertible note bears interest at Prime rate plus 100 basis points with an 8% floor, is due on Feb. 10, 2009 and is convertible into a total of 1,648,352 common shares at $0.91 each.
The non-convertible note matures in three years and bears interest at Prime rate plus 100 basis points.
Laurus received an option to buy up to 4,256,550 shares at $0.001 each.
Of the proceeds, $1.9 million will be used to repay debt to Cornell Capital Partners, LP.
Based in Brookfield, Conn., NetFabric develops internet protocol platforms.
Convertible note
| Issuer: | NetFabric Holdings, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $1.5 million
|
| Maturity: | Feb. 10, 2009
|
| Coupon: | Prime rate plus 100 basis points, 8% floor
|
| Conversion price: | $0.91
|
| Conversion ratio: | Into 1,648,352 shares
|
| Options: | For 4,256,550 shares
|
| Option price: | $0.001
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Feb. 14
|
| Stock symbol: | OTCBB: NFBH
|
| Stock price: | $0.95 at close Feb. 14
|
|
|
| Revolving note
|
| Issuer: | NetFabric Holdings, Inc.
|
| Issue: | Secured non-convertible revolving note
|
| Amount: | $1.5 million
|
| Maturity: | Three years
|
| Coupon: | Prime rate plus 100 basis points, 8% floor
|
| Options: | See secured convertible note
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| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Feb. 14
|
| Stock symbol: | OTCBB: NFBH
|
| Stock price: | $0.95 at close Feb.14
|
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