By Sheri Kasprzak
New York, Sept. 28 - EP Global Communications, Inc. said it has wrapped a $3 million private placement of convertible debentures.
The 8% debentures mature on Sept. 23, 2008 and are convertible into common shares at the lesser of 60% of the lowest three trading prices during the 20 trading-day period before conversion or $0.12 each.
The investors also received warrants for 2,944,200 shares, exercisable at $0.15 each for five years.
The offering will be closed in three tranches over the next several months.
Based in Johnstown, Pa., EP Global Communications is a publishing and communications company focused on families of children with special needs.
| Issuer: | EP Global Communications, Inc.
|
| Issue: | Convertible debentures
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| Amount: | $3 million
|
| Maturity: | Sept. 23, 2008
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| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
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| Conversion price: | The lesser of 60% of the three lowest trading prices during the 20 trading-day period before conversion or $0.12.
|
| Warrants: | For 2,944,200 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Settlement date: | Sept. 23
|
| Stock price: | $0.09 at close Sept. 23
|
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