By Sheri Kasprzak
Atlanta, Feb. 9 - eLec Communications Corp. said it has closed a private placement for $2 million.
The company sold a secured convertible note to Laurus Master Fund Ltd.
The note is payable either in cash or convertible into shares at $0.63 each. The note bears interest at Prime rate plus 300 basis points.
Additional details on the note were not available Wednesday.
eLec Communications, based in White Plains, N.Y., is a telecommunications company. The proceeds from the private placement will be used to support growth.
| Issuer: | eLec Communications Corp.
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| Issue: | Secured convertible note
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| Amount: | $2 million
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| Coupon: | Prime rate plus 300 basis points
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| Conversion price: | $0.63
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| Warrants: | No
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| Settlement date: | Feb. 9
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| Stock price: | $0.74 at close Feb. 9
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