Deal raises funds to repay 6% convertible debenture due March 31, 2016
By Devika Patel
Knoxville, Tenn., Jan. 20 – Mace Security International, Inc. said it settled a $2 million two-year convertible notes standby financing. The two-year deal was announced Dec. 30.
The 4% notes will mature on Dec. 31, 2019 and may be converted into shares.
The investor will be paid a 2.5% commission.
Proceeds will be used, along with cash on hand, to repurchase the company’s 6% convertible debenture due March 31, 2016 – and currently convertible at $0.192 per share, which is a 75.79% discount to the company’s closing stock price on Dec. 29.
The Cleveland company designs and sells electronic surveillance and personal defense products.
| Issuer: | Mace Security International, Inc.
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| Issue: | Standby convertible notes financing
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| Amount: | $2 million
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| Tenor: | Two years
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| Maturity: | Dec. 31, 2019
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| Coupon: | 4%
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| Warrants: | No
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| Fees: | 2.5%
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| Announcement date: | Dec. 30
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| Settlement date: | Jan. 20
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| Stock symbol: | Nasdaq: MACE
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| Stock price: | $0.38 at close Jan. 16
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| Market capitalization: | $22.37 million
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