By Devika Patel
Knoxville, Tenn., Oct. 5 - OmniComm Systems, Inc. completed a $1.3 million 12% convertible secured debentures financing on Sept. 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The debentures are due March 30, 2011. They are convertible at any time at a conversion price of $0.25 per share, subject to adjustment.
The investors also received warrants for 5.2 million common shares, which are exercisable at $0.25 for approximately four years.
Based in Ft. Lauderdale, Fla., OmniComm is focused on electronic data capture services for clinical trials.
| Issuer: | OmniComm Systems, Inc.
|
| Issue: | Convertible secured debentures
|
| Amount: | $1.3 million
|
| Maturity: | March 30, 2011
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.25
|
| Warrants: | For 5.2 million shares
|
| Warrant expiration: | Approximately four years
|
| Warrant strike price: | $0.25
|
| Settlement date: | Sept. 30
|
| Stock symbol: | OTCBB: OMCM
|
| Stock price: | $0.15 at close Sept. 30
|
| Market capitalization: | $20.4 million
|
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