By Sheri Kasprzak
New York, Nov. 28 - id-Confirm, Inc. said it has received $3,078,080 from its private placement of $3,664,380 in convertible debentures.
The zero-coupon debentures were priced at 84 and mature in two years. The debentures are convertible into common shares at $0.60 each.
The institutional investors who purchased the debentures received warrants for 6,066,856 shares, exercisable at $0.65 each for five years. The investors also received short-term warrants for 6,066,856 shares, exercisable at $0.60 each through the earlier of a year after the effective date of the registration statement or five years after closing.
JPC Capital Partners, Inc. was the placement agent.
The first tranche of the offering closed for $2,954,380 in principal on Nov. 14.
Denver-based id-Confirm makes biometric devices used to prevent fraud and identify theft.
| Issuer: | id-Confirm, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $3,664,380
|
| Proceeds: | $3,078,080
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Price: | 84
|
| Conversion price: | $0.60
|
| Warrants: | For 12,133,712 shares
|
| Warrant expiration: | Five years for half; the earlier of 12 months from effective date of registration statement or five years for half
|
| Warrant strike price: | $0.65 for half; $0.60 for half
|
| Placement agent: | JPC Capital Partners, Inc.
|
| Settlement date: | Nov. 22
|
| Stock price: | $0.495 at close Nov. 22
|
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