New Issue: Octavian settles $14.29 million private placement of convertibles

By Devika Patel

Knoxville, Tenn., Nov. 5 - Octavian International Ltd. said it sold $14.29 million of convertible debentures in a private placement. The private company also said it completed a reverse merger with HouseFly, Inc., a publicly traded shell company.

The three-year debentures mature Oct. 31, 2011 and were sold at a 9% discount, so the company took in $13 million at closing. They have a conversion price of $3.10.

Investors also received five-year warrants for up to 2,096,774 common shares and seven-year warrants for up to 2,096,774 shares. The five-year warrants are exercisable at $3.10; the seven-year warrants are exercisable at $4.65.

Investors also received 4,624,327 common shares.

London-based Octavian is a provider of total gaming and lottery solutions. Housefly (OTCBB: HSLY) has not yet begun trading.

Issuer:	Octavian International Ltd.
Issue:	Convertible debentures, 4,624,327 common shares
Amount:	$14,285,700
Maturity:	Oct. 31, 2011
Coupon:	0%
Price:	91
Conversion price:	$3.10
Warrants:	For 4, 193,548 shares
Warrant expiration:	Five years (for 2,096,774 shares), seven years (for 2,096,774 shares)
Warrant strike price:	$3.10 (for 2,096,774 shares), $4.65 (for 2,096,774 shares)
Settlement date:	Nov. 5
Stock symbol:	OTCBB: HSLY

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