By Sheri Kasprzak
New York, May 2 - NS8 Corp. closed a $3.3 million private placement of secured convertible debentures.
Cornell Capital Partners, LP purchased the 14% debentures, which are due in three years and are convertible into common shares at $0.02 each.
Cornell also received warrants for 250 million shares, exercisable at $0.02 each for five years.
Los Angeles-based NS8 develops software-based technologies used to provide media content over the internet.
| Issuer: | NS8 Corp.
|
| Issue: | Secured convertible debentures
|
| Amount: | $3.3 million
|
| Maturity: | Three years
|
| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%
|
| Conversion price: | $0.02
|
| Warrants: | For 250 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.02
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | April 27
|
| Stock symbol: | OTCBB: NSEO
|
| Stock price: | $0.03 at close April 27
|
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