By Sheri Kasprzak
New York, Feb. 23 - Local.com Corp. closed an $8 million private placement of 9% convertible debentures with Hearst Interactive Media.
Hearst bought the debentures, which are due February 2009 and are convertible into 1,990,050 shares at $4.02 each.
Hearst also received warrants for 796,020 shares, exercisable at $4.82 each, and warrants for 796,020 shares, exercisable at $5.63 each. Both warrants expire February 2012.
GunnAllen Financial was the placement agent.
Proceeds will be used for strategic initiatives and working capital.
Located in Irvine, Calif., Local.com operates a web site offering information on local businesses products, services, people and jobs.
| Issuer: | Local.com Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $8 million
|
| Maturity: | February 2009
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $4.02
|
| Conversion ratio: | Into 1,990,050 shares
|
| Warrants: | For 1,592,040
|
| Warrant expiration: | February 2012
|
| Warrant strike price: | $4.82 for half; $5.63 for half
|
| Placement agent: | GunnAllen Financial
|
| Investor: | Hearst Interactive Media
|
| Settlement date: | Feb. 23
|
| Stock symbol: | Nasdaq: LOCM
|
| Stock price: | $4.086 at close Feb. 22
|
© 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.
