By Sheri Kasprzak
New York, Dec. 8 - Path 1 Network Technologies Inc. said it has completed a private placement of convertible notes with Laurus Master Fund, Ltd. for $2.1 million.
The three-year notes bear interest at Prime rate plus 250 basis points and are convertible into common shares at $2.6316 each.
Laurus also received warrants for up to 181,362 shares, exercisable at $2.89 each for seven years.
Based in San Diego, Path 1 provides video gateway products that allow for the conversion and distribution of real-time video-over-internet protocol.
| Issuer: | Path 1 Network Technologies Inc.
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| Issue: | Convertible notes
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| Amount: | $2.1 million
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| Maturity: | Three years
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| Coupon: | Prime rate plus 250 basis points
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| Conversion price: | $2.6316
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| Warrants: | For 181,362 shares
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| Warrant expiration: | Seven years
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| Warrant strike price: | $2.89
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Dec. 8
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| Stock price: | $2.55 at close Dec. 7
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