By Sheri Kasprzak
New York, Jan. 30 - On the Go Healthcare, Inc. said it restated a $5.5 million convertible financing facility with Laurus Master Fund, Ltd.
The company restated a $500,000 secured convertible note, a $2.5 million secured convertible minimum borrowing note and a $5 million secured revolving note.
The restated secured convertible note matures on July 14, 2008, bears interest at Prime plus 200 basis points with an 8% floor and is convertible into shares at $0.50 each.
The note may be prepaid at any time at 120% of the principal amount plus interest.
The minimum borrowing note also matures on July 14, 2008, bears interest at Prime plus 200 bps with an 8% floor and is convertible at $0.50 each. The minimum borrowing note may also be prepaid at 120%.
The secured revolving note has the same terms as the other notes.
On the Go first entered into the facility with Laurus on July 14, 2005. Under the original term of the facility, the notes were convertible into shares at $1.02 each. Under the initial terms, the notes were callable at 130% of the face value plus interest.
Based in Concord, Ont., On the Go acquires internet technology companies.
| Issuer: | On the Go Healthcare, Inc.
|
| Issue: | Secured revolving note
|
| Amount: | $5 million
|
| Maturity: | July 14, 2008
|
| Coupon: | Prime plus 200 basis points, 8% floor
|
| Conversion price: | $0.50
|
| Call: | May be prepaid at 120% of face value plus interest
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Jan. 24
|
| Stock symbol: | OTCBB: OGHC
|
| Stock price: | $0.50 at close Jan. 24
|
|
|
| Issuer: | On the Go Healthcare, Inc.
|
| Issue: | Secured convertible minimum borrowing note
|
| Amount: | $2.5 million
|
| Maturity: | July 14, 2008
|
| Coupon: | Prime plus 200 basis points, 8% floor
|
| Conversion price: | $0.50
|
| Call: | May be prepaid at 120% of face value plus interest
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Jan. 24
|
| Stock symbol: | OTCBB: OGHC
|
| Stock price: | $0.50 at close Jan. 24
|
|
|
| Issuer: | On the Go Healthcare, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $500,000
|
| Maturity: | July 14, 2008
|
| Coupon: | Prime plus 200 basis points, 8% floor
|
| Conversion price: | $0.50
|
| Call: | May be prepaid at 120% of face value plus interest
|
| Warrants: | No
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Jan. 24
|
| Stock symbol: | OTCBB: OGHC
|
| Stock price: | $0.50 at close Jan. 24
|
|
|
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