By Sheri Kasprzak
Atlanta, March 24 - One Voice Technologies Inc. said it has closed the first tranche of a private placement for $2 million in convertible promissory notes.
The notes bear interest at 6% annually, mature in three years and are convertible into common shares at the lesser of $0.047 each or 80% of the average three lowest closing bid prices 30 days before conversion.
The investors also received class A warrants for 29,069,768 shares at $0.045 each for four years and class B warrants for 29,069,768 shares at $0.06 each for four years. The class B warrants are exercisable only if the class A warrants have been exercised.
Based in San Diego, One Voice develops speech technologies that enable users to interact with computers using their voices.
| Issuer: | One Voice Technologies Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $2 million
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| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
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| Yield: | 6%
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| Conversion price: | The lesser of $0.047 or 80% of the average three lowest closing prices 30 days before conversion
|
| Warrants: | Class A warrants for 29,069,768 shares; class B warrants for 29,069,768 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.045 for class A; $0.06 for class B
|
| Settlement date: | March 18
|
| Stock price: | $0.044 at close March 18
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