Deal sells notes due April 15, 2017 with warrants for 2,232,142 shares
By Devika Patel
Knoxville, Tenn., Dec. 28 – Creative Realities, Inc. completed a $1.25 million private placement of secured convertible promissory notes on Dec. 28, according to an 8-K filed Monday with the Securities and Exchange Commission.
The debt is due April 15, 2017 and carries a 14% coupon. It is convertible into common stock at $0.28 per share.
The investors also received five-year warrants for 2,232,142 common shares, which are each exercisable at $0.28, a 75% premium to the Dec. 24 closing share price of $0.16. The conversion price is also a 75% premium to that price.
The marketing technologies company is based in New York.
| Issuer: | Creative Realities, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $1.25 million
|
| Maturity: | April 15, 2017
|
| Coupon: | 14%
|
| Conversion price: | $0.28
|
| Conversion premium: | 75%
|
| Warrants: | For 2,232,142 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.28
|
| Settlement date: | Dec. 28
|
| Stock symbol: | OTCBB: CREX
|
| Stock price: | $0.16 at close Dec. 24
|
| Market capitalization: | $7.3 million
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