Deal includes 50% warrant coverage, exercisable at conversion price
By Devika Patel
Knoxville, Tenn., March 13 - MediaShift, Inc. said it will raise between $4 million and $8 million in a private placement of 8% unsecured convertible promissory notes.
Each note is convertible into common shares at a conversion price equal to the lesser of $2.50 or a 10% discount to the price per share paid by investors in the next equity financing round in which the company raises at least $10 million.
Investors will receive 50% warrant coverage. Each warrant is exercisable at the conversion price.
The digital advertising company is based in Newport Beach, Calif.
| Issuer: | MediaShift, Inc.
|
| Issue: | Unsecured convertible promissory notes
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| Amount: | $4 million (minimum), $8 million (maximum)
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| Coupon: | 8%
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| Conversion price: | The lesser of $2.50 or a 10% discount to the price per share paid by investors in the next equity financing round in which the company raises at least $10 million
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| Warrants: | 50% coverage
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| Warrant strike price: | The lesser of $2.50 or a 10% discount to the price per share paid by investors in the next equity financing round in which the company raises at least $10 million
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| Pricing date: | March 13
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| Stock symbol: | OTCBB: MSHF
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| Stock price: | $0.90 at close March 12
|
| Market capitalization: | $14.4 million
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