By Sheri Kasprzak
New York, March 24 - OnScreen Technologies, Inc. revealed the terms of its previously announced $10.3 million sale of convertible notes.
The 12% notes are convertible into common shares at $0.25 each. The conversion price is a 44.4% discount to the company's closing stock price on Aug. 15, 2005, the pricing date of the offering.
The investors received warrants equal to 25% of the shares issuable upon conversion of the notes. The warrants are exercisable at 1 cent each.
By March 20, all 36 noteholders converted the unpaid principal of the notes into common shares. Accrued interest on the notes is $103,000.
Proceeds will be used for working capital and general corporate purposes.
Portland, Ore.-based OnScreen develops video displays using light-emitting diode technology.
| Issuer: | OnScreen Technologies, Inc.
|
| Issue: | Convertible notes
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| Amount: | $10.3 million
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| Coupon: | 12%
|
| Price: | Par
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| Yield: | 12%
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| Conversion price: | $0.25
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| Warrants: | No
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| Pricing date: | Aug. 15, 2005
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| Settlement date: | March 17
|
| Stock symbol: | OTCBB: ONSC
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| Stock price: | $0.45 at close Aug. 15, 2005
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| Stock price: | $0.61 at close March 17
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