By Devika Patel
Knoxville, Tenn., June 7 - OmniReliant Holdings, Inc. settled a $1.5 million private placement of 8% convertible promissory notes on June 4, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note will convert into securities to be offered in a future financing at a rate of $1.00 for every $1.00 in value of the securities offered by the company in the financing.
Based in Tampa, Fla., OmniReliant is a product licensing, management and marketing firm.
| Issuer: | OmniReliant Holdings, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1.5 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.00 per $1.00 in securities
|
| Warrants: | No
|
| Settlement date: | June 4
|
| Stock symbol: | OTCBB: ORHI
|
| Stock price: | $0.10 at close June 4
|
| Market capitalization: | $15.9 million
|
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