14% note, five-year warrants were sold to single investor through deal
By Devika Patel
Knoxville, Tenn., Oct. 21 – Creative Realities, Inc. completed a $500,000 private placement of 14% convertible secured promissory notes on Oct. 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures on April 15, 2017 and is convertible into common stock at $0.28 per share. Of the coupon, 12% is payable monthly in cash and 2% is payable in kind.
The lone investor also received warrants for 892,857 shares. The warrants are each exercisable at $0.28 for five years. The strike price and conversion price are a 27.27% premium to the Oct. 14 closing share price of $0.22.
The marketing technologies company is based in New York.
| Issuer: | Creative Realities, Inc.
|
| Issue: | Convertible secured promissory note
|
| Amount: | $500,000
|
| Maturity: | April 15, 2017
|
| Coupon: | 14%
|
| Warrants: | For 892,857 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.28
|
| Settlement date: | Oct. 15
|
| Stock symbol: | OTCBB: CREX
|
| Stock price: | $0.22 at close Oct. 14
|
| Market capitalization: | $10.17 million
|
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