By Sheri Kasprzak
New York, Dec. 2 - eLEC Communications Corp. has wrapped a private placement of a secured convertible note for $2 million with Laurus Master Fund, Ltd.
The note matures in three years, bears interest at Prime rate plus 200 basis points and is convertible into common shares at $0.61 each.
Proceeds from the deal will be used for the growth of the company's voice-over-internet protocol subsidiary VoX Communications.
White Plains, N.Y.-based eLEC is a telecommunications company focused on local, long distance, dedicated access and voice-over-internet protocol products.
| Issuer: | eLEC Communications Corp.
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| Issue: | Secured convertible note
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| Amount: | $2 million
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| Maturity: | Three years
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| Coupon: | Prime rate plus 200 basis points
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| Conversion price: | $0.61
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| Warrants: | No
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Dec. 2
|
| Stock price: | $0.45 at close Dec. 2
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