By Devika Patel
Knoxville, Tenn., June 13 - Novint Technologies, Inc. raised another $781,835 in a $4.53 million private placement of 7% unsecured convertible notes, according to an 8-K filed Friday with the Securities and Exchange Commission. The company took in $3.75 million in the first tranche on April 15.
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.
Proceeds will be used for working capital and general corporate purposes.
Based in Albuquerque, Novint develops 3-D computing technologies.
| Issuer: | Novint Technologies, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $4,531,835
|
| Maturity: | Three years
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $1.00
|
| Warrants: | For 4,531,835 shares initially; upon conversion, additional warrants for 50% of number of shares received from conversion
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00 for original 4,531,835 warrants; $1.50 for warrants issued upon conversion
|
| Settlement date: | April 15 (for $3.75 million), June 13 (for $781,835)
|
| Stock symbol: | OTCBB: NVNT
|
| Stock price: | $1.25 at close April 15
|
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