China VoIP amends agreement to cure default

By Devika Patel

Knoxville, Tenn., Dec. 10 - China VoIP & Digital Telecom Inc. amended an agreement with an investor in regard to financing transaction that settled in December 2007, according to an 8-K filed with the Securities and Exchange Commission. The amended agreement resolved the company's default under the original financing.

The company agreed to exchange the note and warrants issued in the transaction for an amended and restated $5 million senior secured convertible note, an amended and restated series A warrant, which is exercisable into 23,062,731 common shares, an amended and restated series B warrant, which is exercisable into 16,143,911 shares, an amended and restated series C warrant, which is exercisable into 16,489,852 shares and a new series D warrant, which is exercisable into 7.5 million shares.

The company also agreed to adjust the note's conversion price and the exercise prices of the warrants to $0.2168.

It also amended the expiration date of the series A and series B warrants to June 8, 2014.

China VoIP also issued a new series D warrant, which can be exercised into 7.5 million shares, which is exercisable at $0.2168 until June 8, 2014.

China VoIP is a voice-over-internet protocol company based in Jinan, China.

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