10% notes sold with warrants for 2 million common shares to Saffelberg
By Devika Patel
Knoxville, Tenn., Aug. 29 - Elephant Talk Communications Corp. settled a €4 million private placement of 10% convertible notes with Saffelberg Investments NV on Aug. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note matures in Aug. 28, 2015 and is convertible into common stock at $0.887 per share. The conversion price is a 21.51% premium to the Aug. 27 closing share price of $0.73.
Saffelberg also received five-year warrants for 2 million shares, each exercisable at $0.887, which is a 21.51% premium to the Aug. 27 closing share price.
The provider of mobile networking software and services is based in Oklahoma City.
| Issuer: | Elephant Talk Communications Corp.
|
| Issue: | Convertible note
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| Amount: | €4 million
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| Maturity: | Aug. 28, 2015
|
| Coupon: | 10%
|
| Conversion price: | $0.887
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.887
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| Investors: | Saffelberg Investments NV
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| Pricing date: | Aug. 28
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| Stock symbol: | NYSE: ETAK
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| Stock price: | $0.73 at close Aug. 27
|
| Market capitalization: | $93.28 million
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