By Susanna Moon
Chicago, Sept. 2 - OmniComm Systems, Inc. completed a private placement of 10% convertible notes for $2.17 million, according to an 8-K filing with the Securities and Exchange Commission.
The notes mature in two years. They are convertible into common shares at $0.50 per share.
Investors also received warrants for 4.34 million shares, exercisable at $0.60 per share for four years.
Cornelis Wit, chief executive officer, purchased $1.77 million principal amount of the notes, convertible into 3,540,000 shares. Wit received 3.54 million warrants.
Guus van Kesteren, director, bought $150,000 of notes, convertible into 300,000 shares, and received 300,000 warrants.
The company said it used $1 million of proceeds to pay the principal amount on a secured convertible debenture due Aug. 29, 2008. The rest will be used for working capital.
Based in Ft. Lauderdale, Fla., OmniComm is focused on electronic data capture services for clinical trials.
Issuer: | OmniComm Systems, Inc.
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Issue: | Convertible notes
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Amount: | $2.17 million
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Maturity: | Two years
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Conversion price: | $0.50
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Warrants: | For 4.34 million shares
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Warrant expiration: | Four years
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Warrant strike price: | $0.60
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Investors: | Cornelis Wit for $1.77 million; Guus van Kesteren for $150,000
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Settlement date: | Aug. 29
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Stock symbol: | OTCBB: OMCM
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Stock price: | $0.47 at close on Aug. 29
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