By Sheri Kasprzak
New York, July 25 - Innova Holdings, Inc. settled a $2,825,000 private placement of secured convertible debentures with Cornell Capital Partners, LP.
The 10% debentures are due in three years and are convertible into common shares at $0.04 each.
So far, $1.25 million of the notes have been funded and another installment of $575,000 will be funded once the company files a registration statement with the Securities and Exchange Commission. The remainder will be funded once the registration statement is declared effective.
Cornell received warrants for 93 million shares. Of the warrants, 10 million are exercisable at $0.05 each, 15 million at $0.10 each, 23 million at $0.025 each, 20 million at $0.065 each and 25 million at $0.075 each. A total of 25 million warrants expire in five years and a total of 68 million warrants expire in three years.
Innova, based in Fort Myers, Fla., develops hardware and software systems used by the military and industry robotics companies.
| Issuer: | Innova Holdings, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $2,825,000
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.04
|
| Warrants: | For 93 million shares
|
| Warrant expiration: | Five years for 25 million shares, three years for 68 million shares
|
| Warrant strike price: | $0.05 for 10 million shares, $0.10 for 15 million shares, $0.025 for 23 million shares, $0.065 for 20 million shares, $0.075 for 25 million shares
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | July 21
|
| Stock symbol: | OTCBB: IVHG
|
| Stock price: | $0.02 at close July 21
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
