By Sheri Kasprzak
New York, Jan. 25 - DynEco Corp. said it has concluded a private placement of a convertible secured promissory note for $2 million.
MMA Capital, LLC bought the 8% note, which matures Jan. 13, 2007 and is convertible into common shares at $1.00 each.
MMA received warrants for 2 million shares, exercisable for three years at $1.00 each.
A total of $1.84 million of the proceeds will be used for working capital, the repayment of outstanding convertible debentures and notes and the initiation of the company's acquisition strategy.
Based in Tampa, Fla., DynEco develops technology and content used by the travel and leisure industry.
| Issuer: | DynEco Corp.
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| Issue: | Convertible secured promissory note
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| Amount: | $2 million
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| Maturity: | Jan. 13, 2007
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
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| Conversion price: | $1.00
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| Warrants: | For 2 million shares
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| Warrant expiration: | Three years
|
| Warrant strike price: | $1.00
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| Investor: | MMA Capital, LLC
|
| Settlement date: | Jan. 13
|
| Stock symbol: | OTCBB: DYCO
|
| Stock price: | $0.07 at close Jan. 13
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