Company raises funds for working capital, corporate purposes
By Toni Weeks
San Diego, July 9 - Mimvi, Inc. arranged an up to $250,000 private placement of 10% unsecured promissory notes on June 30, according to an 8-K filing with the Securities, according to an 8-K filed Monday with the Securities and Exchange Commission.
The deal will settle in one or more tranches. Mimvi placed $100,000 of the notes and 400,000 warrants with Cape One Financial Master Fund Ltd. on June 30.
The notes are due 100 days after issue and are convertible into common stock at an initial conversion price of $0.25, a 19.05% premium to the closing share price of $0.21 on July 6.
The investors will receive warrants for 1 million shares. Each warrant is exercisable at $0.25 for five years, also a 19.05% premium to the July 6 closing share price.
The notes may be prepaid at any time. Mimvi has agreed not to issue any floating- or variable-rate equity-linked instruments nor any equity with price-reset rights without written consent of a majority in interest of the subscribers.
Proceeds will be used for working capital and general corporate purposes.
The Sunnyvale, Calif., company is working on a unified search engine for mobile applications for smart phones.
| Issuer: | Mimvi, Inc.
|
| Issue: | Unsecured promissory notes
|
| Amount: | $250,000 (maximum)
|
| Coupon: | 10%
|
| Conversion price: | $0.25
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Investor: | Cape One Financial Master Fund Ltd. (for $100,000)
|
| Settlement dates: | June 30 (for $100,000)
|
| Stock symbol: | OTCBB: MIMV
|
| Stock price: | $0.21 at close July 6
|
| Market capitalization: | $8.79 million
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