By Sheri Kasprzak
New York, June 5 - Elephant Talk Communications, Inc. completed a $3 million private placement of a convertible promissory note.
Rising Water Capital AG bought the 10% note due in 30 months.
The note is convertible into common shares at $0.07 each. If the note is fully converted, Elephant Talk will issue 42,857,143 common shares.
Based in Orange, Calif., Elephant Talk is a long-distance communications carrier.
| Issuer: | Elephant Talk Communications, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $3 million
|
| Maturity: | 30 months
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.07
|
| Warrants: | No
|
| Investor: | Rising Water Capital AG
|
| Settlement date: | May 26
|
| Stock symbol: | OTCBB: ETLK
|
| Stock price: | $0.07 at close May 26
|
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