By Laura Lutz
Des Moines, March 5 - OmniComm Systems, Inc. completed a private placement of 10% secured convertible debentures for $2.33 million, according to an 8-K filing with the Securities and Exchange Commission.
The debentures mature in six months. They are convertible into common shares at an initial conversion price of $0.59 per share.
The investors also received warrants for 2,930,675 common shares, exercisable at $0.75 per share for four years.
Emerging Growth Equities, Ltd. acted as placement agent.
Proceeds will be used to accelerate consulting, sales and marketing initiatives and for ongoing research and development.
Based in Ft. Lauderdale, Fla., OmniComm is focused on electronic data capture services for clinical trials.
Issuer: | OmniComm Systems, Inc.
|
Issue: | Secured convertible debentures
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Amount: | $2,325,000
|
Maturity: | Six months
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Coupon: | 10%
|
Price: | Par
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Yield: | 10%
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Conversion price: | $0.59
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Warrants: | For 2,930,675
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Warrant expiration: | Four years
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Warrant strike price: | $0.75
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Agent: | Emerging Growth Equities, Ltd.
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Settlement date: | Feb. 29
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Stock symbol: | OTCBB: OMCM
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Stock price: | $0.60 at close Feb. 29
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