One-year $250,000 note sold at closing to investor Isaac Capital Group
By Devika Patel
Knoxville, Tenn., April 9 - LiveDeal, Inc. arranged a $2 million private placement of one-year subordinated unsecured convertible notes on April 3, according to an 8-K filed Monday with the Securities and Exchange Commission. Isaac Capital Group LLC was the investor and has already invested $250,000 at pricing.
The 8% note is due on April 3, 2013 and is initially convertible into common shares at a price equal to 60% of the lesser of the closing bid price of the stock on the settlement date or the 10-day weighted average closing bid price of the stock for the 10 business days immediately preceding the conversion notification date. The note may be prepaid.
Isaac Capital also will receive 100% warrant coverage. The warrants are each exercisable for five years at an exercise price equal to a 20% premium over the conversion price.
Proceeds will be used for working capital and other general corporate purposes.
Based in Mesa, Ariz., LiveDeal provides local customer acquisition services for small businesses.
| Issuer: | LiveDeal, Inc.
|
| Issue: | Subordinated unsecured convertible note
|
| Amount: | $2 million
|
| Maturity: | April 3, 2013
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lesser of the closing bid price of the stock on the settlement date or the 10-day weighted average closing bid price of the stock for the 10 business days immediately preceding the conversion notification date
|
| Call: | Yes
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 20% premium to conversion price
|
| Investor: | Isaac Capital Group LLC
|
| Settlement date: | April 3 (for $250,000)
|
| Stock symbol: | Nasdaq: LIVE
|
| Stock price: | $4.25 at close April 2
|
| Market capitalization: | $10.59 million
|
© 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.
