By Laura Lutz
Des Moines, Jan. 17 - China Broadband, Inc. completed a $4.85 million private placement of convertible notes with nine investors, according to an 8-K filing with the Securities and Exchange Commission.
The notes mature on Jan. 11, 2013 and bear interest at 5% per year, compounded monthly. They are convertible into common stock at $0.75 per share.
Along with the notes, China Broadband issued 6,461,666 class A warrants. The warrants will be exercisable at $0.60 per share until June 11, 2013, beginning 181 days after issuance.
Chardan Capital Markets, LLC is the placement agent.
China Broadband is a cable broadband company with headquarters in Boulder, Colo.
| Issuer: | China Broadband, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $4.85 million
|
| Maturity: | Jan. 11, 2013
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | $0.75
|
| Warrants: | 6,461,666 class A warrants
|
| Warrant expiration: | June 11, 2013
|
| Warrant strike price: | $0.60
|
| Agent: | Chardan Capital Markets, LLC
|
| Settlement date: | Jan. 11
|
| Stock symbol: | OTCBB: CBBD
|
| Stock price: | $4.50 at close Jan. 11
|
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