By Sheri Kasprzak
New York, Aug. 21 - Edulink, Inc. wrapped a private placement of secured convertible notes for $1.5 million.
New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC bought the 6% notes, which are due Aug. 18, 2009.
At closing, the investors funded $200,000 in principal of the notes. Once the company is relisted on the over-the-counter bulletin board, the investors will buy another $300,000 of the principal and will fund another $400,000 once the registration statement is filed with the Securities and Exchange Commission. The remainder will be funded once the statement is declared effective.
The notes are convertible into 50% of the average of the three lowest trading prices for the 20 trading days before conversion.
The investors also came away with warrants for 50 million shares, exercisable at $0.01 each for seven years.
Based in Brooklyn, N.Y., Edulink provides web-based learning content.
| Issuer: | Edulink, Inc.
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| Issue: | Secured convertible notes
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| Amount: | $1.5 million
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| Maturity: | Aug. 18, 2009
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Conversion price: | 50% of the average of the three lowest trading prices for the 20 trading days before conversion
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| Warrants: | For 50 million shares
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| Warrant expiration: | Seven years
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| Warrant strike price: | $0.01
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| Investors: | New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC
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| Settlement date: | Aug. 21
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| Stock symbol: | Pink Sheets: MYIQ
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| Stock price: | $0.0006 at close Aug. 21
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