By Laura Lutz
Des Moines, April 15 - Novint Technologies, Inc. raised $3.75 million from a private placement of 7% unsecured convertible notes and warrants.
The notes mature in three years. They are convertible into common stock at $1.00 per share.
Novint may prepay principal or interest without penalty.
The purchasers received warrants for a number of shares equal to the number of shares underlying their notes. Those warrants are exercisable at $1.00 per share for five years.
Upon conversion, the investors will also receive warrants for 50% of the number of shares received from conversion. Those warrants will exercisable at $1.50 for five years.
Based in Albuquerque, Novint develops 3-D computing technologies.
Issuer: | Novint Technologies, Inc.
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Issue: | Convertible notes
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Amount: | $3.75 million
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Maturity: | Three years
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Coupon: | 7%
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Price: | Par
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Yield: | 7%
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Conversion price: | $1.00
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Warrants: | For 3.75 million shares initially; upon conversion, additional warrants for 50% of number of shares received from conversion
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Warrant expiration: | Five years
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Warrant strike price: | $1.00 for original 3.75 million warrants; $1.50 for warrants issued upon conversion
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Settlement date: | April 15
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Stock symbol: | OTCBB: NVNT
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Stock price: | $1.25 at close April 15
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