By Devika Patel
Knoxville, Tenn., March 13 - NextMart, Inc. completed a $1.5 million private placement of senior convertible notes with Redrock Venture Capital Ltd. on March 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
Of the total, $1.25 million was exchanged for existing notes. The remaining $250,000, of which $70,000 has been received so far, will be delivered by May 1.
The company issued 2.5 million shares as prepaid interest for the notes at closing. The prepaid interest will be increased to a total amount of 3 million shares when the remaining proceeds are received.
The notes are due June 1, 2010. They are convertible at $0.015.
Based in New York, NextMart focuses on its business-to-business brand and apparel production management business.
| Issuer: | NextMart, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $1.5 million
|
| Maturity: | June 1, 2010
|
| Price: | Par
|
| Conversion price: | $0.015
|
| Warrants: | No
|
| Investor: | Redrock Venture Capital Ltd.
|
| Pricing date: | March 9
|
| Stock symbol: | OTCBB: NXMR
|
| Stock price: | $0.03 at close March 9
|
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