By Sheri Kasprzak
New York, Oct. 24 - CinTel Corp. completed a $15 million private placement of convertible bonds with KTB China Optimum Fund, EMLSI, Axlon Corp. and STS Semiconductor & Telecommunications Co., Ltd.
The bonds are convertible into common shares at $0.50 each. J.D. Sparks, vice president of CinTel, did not immediately return requests for additional terms on the bonds by press time Tuesday.
Proceeds will be used for strategic acquisitions.
CinTel, which has headquarters in Louisville, Ky., develops technologies used to improve internet and network traffic. The company's operations are mostly based in Korea.
| Issuer: | CinTel Corp.
|
| Issue: | Convertible bonds
|
| Amount: | $15 million
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Investors: | KTB China Optimum Fund, EMLSI, Axlon Corp. and STS Semiconductor & Telecommunications Co., Ltd.
|
| Settlement date: | Oct. 24
|
| Stock symbol: | OTCBB: CNCN
|
| Stock price: | $0.20 at close Oct. 23
|
| Stock price: | $0.19 at close Oct. 24
|
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