By Sheri Kasprzak
New York, March 8 - MCF Corp. said it concluded a $7.5 million private placement of secured convertible debentures.
The variable-rate debentures were purchased by Midsummer Investment, Ltd.
The debentures are due Dec. 31, 2010 and are convertible into shares at $1.41 each.
The investor also received warrants for 1,875,000 shares, exercisable at $1.41 each for six years.
Merriman Curhan Ford & Co. was the placement agent.
Proceeds will be used to invest in proprietary funds managed by MCF Asset Management, LLC.
San Francisco-based MCF is a financial services holding company focused on investment research, capital markets services and corporate and venture services.
Issuer: | MCF Corp.
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Issue: | Secured convertible debentures
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Amount: | $7.5 million
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Maturity: | Dec. 31, 2010
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Coupon: | Variable
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Conversion price: | $1.41
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Warrants: | For 1,875,000 shares
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Warrant expiration: | Six years
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Warrant strike price: | $1.41
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Investor: | Midsummer Investment, Ltd.
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Placement agent: | Merriman Curhan Ford & Co.
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Settlement date: | March 7
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Stock symbol; | AMEX: MEM
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Stock price: | $1.21 at close March 7
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