By Devika Patel
Knoxville, Tenn., May 4 - Enable Holdings, Inc. completed a $1.19 million private placement of a senior secured convertible debenture on April 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note bears interest at the rate of 12% per annum and is due on Oct. 29, 2011. Principal and interest are payable in cash. Interest will be paid quarterly starting on Sept. 30.
The debenture is convertible into common shares at the initial conversion price of $0.50 per share.
The investors also received warrants for 4.76 million common shares, which are exercisable at $0.25 until April 29, 2019.
Based in Chicago, Enable operates an online marketplace.
| Issuer: | Enable Holdings, Inc.
|
| Issue: | Senior secured convertible debenture
|
| Amount: | $1.19 million
|
| Maturity: | Oct. 29, 2011
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.50
|
| Warrants: | For 4.76 million shares
|
| Warrant expiration: | April 29, 2019
|
| Warrant strike price: | $0.25
|
| Settlement date: | April 29
|
| Stock symbol: | OTCBB: ENAB
|
| Stock price: | $0.25 at close April 29
|
| Market capitalization: | $5.27 million
|
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