By Sheri Kasprzak
New York, May 3 - Digital Recorders, Inc. has completed a $1.6 million private placement of a term note.
The 10% note was purchased by Laurus Master Fund, Ltd. and is due in one year.
The investor received warrants for 80,000 shares, exercisable at $2.00 each for seven years.
Proceeds will be used for general corporate purposes.
Dallas-based Digital Recorders provides software and hardware used in the transportation, law enforcement and security digital communication systems sectors.
Issuer: | Digital Recorders, Inc.
|
Issue: | Term note
|
Amount: | $1.6 million
|
Maturity: | One year
|
Coupon: | 10%
|
Price: | Par
|
Yield: | 10%
|
Warrants: | For 80,000 shares
|
Warrant expiration: | Seven years
|
Warrant strike price: | $2.00
|
Investor: | Laurus Master Fund, Ltd.
|
Settlement date: | May 3
|
Stock symbol: | Nasdaq: TBUS
|
Stock price: | $1.33 at close May 3
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.