Company sells 10% notes due Dec. 31, 2012; notes convert to preferreds
By Devika Patel
Knoxville, Tenn., Sept. 20 - Communication Intelligence Corp. raised about $1.1 million in a private placement of convertible unsecured promissory notes on Sept. 14, according to an 8-K filed Friday with the Securities and Exchange Commission. The investors also agreed to purchase 1.1 million series D-2 convertible preferred shares in future tranches at $1.00 per preferred.
The 10% notes are due on Dec. 31, 2012 and automatically convertible into series D-2 convertible preferreds at $1.00 per preferred at the final closing, which is expected to occur by Nov. 15.
The 10% series D-2 preferreds are convertible into common stock at $0.05 per share, which is identical to the Sept. 13 closing share price.
The supplier of electronic signature services for business process automation and in biometric signature verification technology is based in Redwood Shores, Calif.
| Issuer: | Communication Intelligence Corp.
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| Issue: | Convertible unsecured promissory notes, series D-2 convertible preferred shares
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| Amount: | $2.2 million
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| Warrants: | No
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| Settlement date: | Sept. 14 (for $1.1 million), Nov. 15
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| Stock symbol: | OTCBB: CICI
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| Stock price: | $0.05 at close Sept. 13
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| Market capitalization: | $11.22 million
|
|
|
| Convertibles
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| Amount: | $1.1 million
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| Maturity: | Dec. 31, 2012
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| Coupon: | 10%
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|
|
| Preferreds
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| Amount: | $1.1 million
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| Dividends: | 10%
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| Price: | $1.00
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| Conversion price: | $0.05
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