By Sheri Kasprzak
New York, Nov. 17 - NS8 Corp. said it completed a private placement of secured convertible debentures, issuing another $1.3 million in debentures to Cornell Capital Partners, LP for a total of $3.16 million.
Cornell had previously purchased $1.86 million in principal of the debentures in two closings on May 27 and June 9.
The 10% debentures mature in three years and are convertible into shares at the lower of $0.075 each or 90% of the average of the three lowest volume-weighted average prices of the company's stock for the 30 days before conversion.
For the most recent closing, Cornell received warrants for 5 million shares exercisable at $0.075 each, for 10 million shares at $0.06 each and for 10 million shares at $0.05 each.
Based in Seattle, NS8 develops smart-encryption and server-based technologies used in internet protocol television content.
| Issuer: | NS8 Corp.
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| Issue: | Secured convertible debentures
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| Amount: | $3.16 million
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| Maturity: | Three years
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | The lesser of $0.075 each or 90% of the three lowest volume-weighted average prices for the 30 days before conversion
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| Warrants: | For 25 million shares
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| Warrant strike price: | $0.075 for 5 million shares, $0.06 for 10 million shares, $0.05 for 10 million shares
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| Investor: | Cornell Capital Partners, LP
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| Settlement date: | Nov. 14
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| Stock price: | $0.08 at close Nov. 14
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