Company sells two year 10% convertible notes to finance its operations
By Devika Patel
Knoxville, Tenn., June 27 - Democrasoft, Inc. said it settled a $500,000 private placement of convertible notes.
The two year 10% convertible notes convert into common stock at $0.08 per share. The conversion price is identical to the closing share price on June 26.
Proceeds will be used for operations.
Democrasoft is a Santa Rosa, Calif., provider of social collaboration and voting platforms for building online communities.
| Issuer: | Democrasoft, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $500,000
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Conversion price: | $0.08
|
| Warrants: | No
|
| Settlement date: | June 27
|
| Stock symbol: | OTCBB: DEMO
|
| Stock price: | $0.08 at close June 26
|
| Market capitalization: | $3.53 million
|
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