By Sheri Kasprzak
New York, April 11 - Modern Technology Corp. settled a private placement of convertible debentures for $1.5 million.
The 8% debentures are convertible into common shares at a price equal to 75% of the average of the lowest three intraday trading prices for the 20 trading days before conversion. The debentures are due April 10, 2010.
The debentures were purchased by AJW Partners, LLC; AJW Offshore, Ltd.; AJW Qualified Partners, LLC; and New Millennium Capital Partners, LLC.
The investors received warrants for 20 million shares, exercisable at $0.02 each for five years.
Based in Oxford, Miss., Modern Technology provides business development and financial support for technology companies.
| Issuer: | Modern Technology Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $1.5 million
|
| Maturity: | April 10, 2010
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | Equal to 75% of the average of the three lowest intraday trading prices for the 20 trading days before conversion
|
| Warrants: | For 20 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.02
|
| Investors: | AJW Partners, LLC; AJW Offshore, Ltd.; AJW Qualified Partners, LLC; New Millennium Capital Partners, LLC
|
| Settlement date: | April 10
|
| Stock symbol: | Pink Sheets: MODC
|
| Stock price: | $0.017 at close April 10
|
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