By Sheri Kasprzak
Atlanta, Dec. 29 - netGuru Inc. said it has closed a private placement of $1 million in a convertible note.
The company issued to Laurus Master Fund Ltd. a three-year note. The note bears interest at the greater of the Prime rate plus 100 basis points or 5%.
The principal of the note is payable at $30,000 a month plus accrued interest beginning in July 2005. It may be repaid in stock or cash.
The note is convertible into common shares at $1.29 each.
Laurus also received a warrant for 130,000 shares at $1.56 each for five years.
Based in Yorba Linda, Calif., netGuru is an information technology and service company. It plans to use the proceeds from the financing for cash reserves.
| Issuer: | netGuru Inc.
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| Issue: | Convertible note
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| Amount: | $1 million
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| Maturity: | Three years
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| Coupon: | Greater of Prime rate plus 100 bps or 5%
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| Conversion price: | $1.29
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| Warrants: | For 130,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.56
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| Investor: | Laurus Master Fund Ltd.
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| Settlement date: | Dec. 29
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| Stock price: | $1.40 at close Dec. 28
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