By Sheri Kasprzak
New York, Dec. 26 - Host America Corp. closed a private placement of a secured term promissory note in principal of $1.24 million for proceeds of $1 million.
The zero-coupon note was purchased by Shelter Island Opportunity Fund, LLC and was priced at 80.
The note is due Dec. 19, 2007, but it may be prepaid without penalty any time before maturity.
Shelter Island also received warrants for 372,000 shares, exercisable at $0.001 each for five years. The investor may require the company to repurchase the warrants for $300,000.
Located in Hamden, Conn., Host America is a food services management company focused on catering business and event dining events.
| Issuer: | Host America Corp.
|
| Issue: | Secured term promissory note
|
| Amount: | $1.24 million
|
| Proceeds: | $1 million
|
| Maturity: | Dec. 19, 2007
|
| Coupon: | 0%
|
| Price: | 80
|
| Call: | May be prepaid without penalty
|
| Warrants: | For 372,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.001
|
| Investor: | Shelter Island Opportunity Fund, LLC
|
| Settlement date: | Dec. 19
|
| Stock symbol: | Pink Sheets: CAFE
|
| Stock price: | $1.80 at close Dec. 19
|
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