Company sells nine-month convertible promissory note to Iliad Research
By Devika Patel
Knoxville, Tenn., Dec. 20 - CodeSmart Holdings, Inc. completed a $200,000 private placement of a convertible debenture with Iliad Research and Trading LP on Dec. 19, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on Dec. 17.
The 10% note is convertible into common shares at $1.00 per share, which is a 13.64% premium to the Dec. 16 closing share price of $0.88. The note matures in nine months.
Iliad also received warrants for 187,500 shares, which are each exercisable at $1.20 for five years. The strike price reflects a 36.36% premium to the Dec. 16 closing share price.
The New York company is trying to develop a facility to create its own private label pourable food products for national supermarket chains and specialty stores.
| Issuer: | CodeSmart Holdings, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $200,000
|
| Maturity: | Nine months
|
| Coupon: | 10%
|
| Conversion price: | $1.00
|
| Warrants: | For 187,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.20
|
| Investor: | Iliad Research and Trading LP
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 19
|
| Stock symbol: | OTCBB: ITEN
|
| Stock price: | $0.88 at close on Dec. 16
|
| Market capitalization: | $11.06 million
|
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