Investor Anderson Family Trust also gets warrants for 140,000 shares
By Devika Patel
Knoxville, Tenn., July 6 – Alanco Technologies, Inc. arranged a $500,000 7% loan agreement with Anderson Family Trust on July 5, according to an 8-K filing with the Securities and Exchange Commission.
Anderson Family Trust also received warrants for 140,000 common shares, half of which are exercisable at $0.50 and half of which are exercisable at $1.00. The strike prices reflect 127.27% and 354.55% premiums to the July 1 closing share price of $0.22.
The investor was paid a $10,000 fee.
Alanco is a Scottsdale, Ariz.-based provider of advanced information technology services.
| Issuer: | Alanco Technologies, Inc.
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| Issue: | Loan
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| Amount: | $500.000
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| Coupon: | 7%
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| Warrants: | For 140,000 shares
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| Warrant strike price: | $0.50, $1.00
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| Investor: | Anderson Family Trust
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| Fees: | $10,000
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| Settlement date: | July 5
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| Stock symbol: | Nasdaq: ALAN
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| Stock price: | $0.22 at close July 1
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| Market capitalization: | $1.35 million
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