Thinkpath gets default waiver for $3.5 million convertible note

By Sheri Kasprzak

New York, Dec. 13 - Thinkpath, Inc. said Laurus Master Fund, Ltd., holder of a $3.5 million convertible note, waived default conditions related to the note.

Thinkpath neglected to file a registration statement covering the note.

Laurus agreed to waive not only the conditions of default but also the liquidated damages associated with the conditions of default.

Thinkpath issued the note to Laurus on June 29. The note matures June 27, 2008, bears interest at Prime plus 300 basis points and is convertible into shares at a price ranging from 80% to 110% of the average closing price for the 10 days before conversion.

Toronto-based Thinkpath is an engineering management, technical publishing and consulting company.

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