By Sheri Kasprzak
New York, Jan. 24 - Gabriel Technologies Corp. said it completed a $1 million private placement of a senior convertible promissory note.
The note, issued to Broidy Capital Management, is a consolidation of a $200,000 note from Dec. 9 and the extension of an $800,000 credit minus $25,000 in non-accountable expenses.
The new note bears interest at 9% annually, matures on Jan. 6, 2007 and is initially convertible into shares at $1.00 each.
The investor also received a warrant for 1 million shares, exercisable at $1.00 each through Nov. 30, 2009.
Based in Omaha, Neb., Gabriel develops security systems used by the cargo industry.
| Issuer: | Gabriel Technologies Corp.
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| Issue: | Senior convertible promissory note
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| Amount: | $1 million
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| Maturity: | Jan. 6, 2007
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| Coupon: | 9%
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| Price: | Par
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| Yield: | 9%
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| Conversion price: | $1.00
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| Warrants: | For 1 million shares
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| Warrant expiration: | Nov. 30, 2009
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| Warrant strike price: | $1.00
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| Investor: | Broidy Capital Management
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| Settlement date: | Jan. 11
|
| Stock symbol: | Pink Sheet: GBRRF
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| Stock price: | $2.44 at close Jan. 11
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