Company sells 10% two-year convertibles along with 1.2 million shares
By Devika Patel
Knoxville, Tenn., May 6 - Blue Calypso, Inc. said it completed a $2.4 million convertible debenture private placement. WFG Investments, Inc. was the agent.
The 10% debenture is convertible into common shares at $0.25 per share. The note matures in two years.
The conversion price is a 13.64% premium to the May 3 closing share price of $0.22.
The investors also received 1.2 million common shares.
The Dallas-based company has developed a patented mobile social marketing and advertising platform.
| Issuer: | Blue Calypso, Inc.
|
| Issue: | Convertible debentures, 1.2 million common shares
|
| Amount: | $2.4 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion price: | $0.25
|
| Warrants: | No
|
| Agent: | WFG Investments, Inc.
|
| Settlement date: | May 6
|
| Stock symbol: | OTCBB: BCYP
|
| Stock price: | $0.22 at close May 3
|
| Market capitalization: | $22.93 million
|
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