By Devika Patel
Knoxville, Tenn., Dec. 17 - OmniComm Systems, Inc. completed a $5.08 million convertible debt financing on Tuesday, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The new financing is comprised of two-year convertible term loan debentures bearing a fixed interest rate of 12% and due Dec. 16, 2010. The debentures are convertible at any time at a conversion price of $0.50 per share, subject to adjustment.
The investors also received warrants for 10.15 million common shares, which are exercisable at $0.60 for about four years.
Proceeds will be used to repay about $800,000 in amounts owed on secured convertible debentures that were issued in February 2008.
Based in Ft. Lauderdale, Fla., OmniComm is focused on electronic data capture services for clinical trials.
| Issuer: | OmniComm Systems, Inc.
|
| Issue: | Convertible term loan debentures
|
| Amount: | $5,075,000
|
| Maturity: | Dec. 16, 2010
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.50
|
| Warrants: | For 10.15 million shares
|
| Warrant expiration: | Approximately four years
|
| Warrant strike price: | $0.60
|
| Settlement date: | Dec. 16
|
| Stock symbol: | OTCBB: OMCM
|
| Stock price: | $0.24 at close Dec. 16
|
| Market capitalization: | $19.9 million
|
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