By Sheri Kasprzak
New York, Jan. 30 - Impart Media Group, Inc. said it received a $6 million revolving line of credit from Laurus Master Fund, Ltd.
The three-year equity line bears interest at Prime plus 300 basis points with a 7% floor.
So far, the company has drawn $2 million from the facility.
Laurus received warrants for 750,000 shares. The full terms of the warrants could not be determined Monday.
Proceeds will be used for expansion and working capital.
Seattle-based Impart develops content for digital signage used by retailers, governments and other clients.
| Issuer: | Impart Media Group, Inc.
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| Issue: | Revolving line of credit
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| Amount: | $6 million
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| Tenor: | Three years
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| Coupon: | Prime plus 300 basis points, 7% floor
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| Warrants: | For 750,000 shares
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Jan. 30
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| Stock symbol: | OTCBB: IMMG
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| Stock price: | $2.40 at close Jan. 30
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