Deal sells original issue discount notes with warrants for 300,000 shares
By Devika Patel
Knoxville, Tenn., Oct. 7 - 3DIcon Corp. completed a private placement of $205,000 senior convertible notes on Oct. 1, according to an 8-K filed Monday with the Securities and Exchange Commission. The note was sold with a $30,750 original issue discount.
The note matures on July 1, 2014 and is convertible into common stock at a conversion price equal to the lesser of 100% of the volume-weighted average price for the five trading days preceding the issue date or 80% of the average volume-weighted average price during the five days preceding the conversion notification date.
Investors also received warrants for 300,000 common shares. Each warrant is exercisable at $0.011 until March 31, 2019. The strike price is a 10% premium to the Sept. 30 closing share price of $0.01.
Tulsa, Okla.-based 3DIcon is developing volumetric 3D display technology.
| Issuer: | 3DIcon Corp.
|
| Issue: | Senior convertible notes
|
| Amount: | $205,000
|
| Maturity: | July 1, 2014
|
| Price: | $30,750 discount
|
| Conversion price: | Lesser of 100% of the volume-weighted average price for the five trading days preceding the issue date or 80% of the average volume-weighted average price during the five days preceding the conversion notification date
|
| Warrants: | For 300,000 shares
|
| Warrant expiration: | March 31, 2019
|
| Warrant strike price: | $0.011
|
| Settlement date: | Oct. 1
|
| Stock symbol: | OTCBB: TDCP
|
| Stock price: | $0.01 at close Sept. 30
|
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