By Sheri Kasprzak
New York, June 26 - Newport International Group, Inc. wrapped a $1.5 million private placement of convertible promissory notes.
The 8% notes mature in 18 months and are convertible into units at $1.75 each.
The units consist of five common shares and one warrant for two shares.
Each two-year warrant is exercisable at $0.40.
Brookstone Securities Corp. is the placement agent.
Newport, based in Palm Desert, Calif., provides online backup software to mid-sized business and home offices.
| Issuer: | Newport International Group, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $1.5 million
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| Maturity: | 18 months
|
| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
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| Conversion price: | Into units of five shares and one warrant for two shares at $1.75 each
|
| Warrants: | One warrant for two shares per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | $0.40
|
| Placement agent: | Brookstone Securities Corp.
|
| Settlement date: | June 21
|
| Stock symbol: | OTCBB: NWPO
|
| Stock price: | $0.42 at close June 21
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