By Sheri Kasprzak
New York, April 12 - Cistera Networks, Inc. completed a $3.7 million private placement of senior unsecured convertible promissory notes.
The 8% notes are due in two years and are convertible into common shares at $0.75 each.
The investors also received warrants for 3.7 million shares, exercisable at $1.00 each for five years.
Of the notes, $600,000 was issued in connection with the cancellation of an equal amount of the company's outstanding obligations.
Cistera, based in Dallas, develops language-based application software used to integrate voice, video and data into internet protocol infrastructure.
| Issuer: | Cistera Networks, Inc.
|
| Issue: | Senior unsecured convertible promissory notes
|
| Amount: | $3.7 million
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.75
|
| Warrants: | For 3.7 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Settlement date: | April 6
|
| Stock symbol: | OTCBB: CNWT
|
| Stock price: | $1.50 at close April 6
|
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