By Sheri Kasprzak
New York, Jan. 12 - On The Go Healthcare, Inc. said it has completed a $1.25 million private placement of notes for proceeds of $1 million.
The zero-coupon notes were priced at 80 and were sold to Dutchess Private Equities Fund, LP and Dutchess Private Equities Fund II, LP.
The notes mature on June 30, 2007.
At maturity, the notes are subject to automatic conversion at the lesser of half of the lowest closing bid price for the 15 trading days before conversion or the lowest bid price for the 20 trading days before conversion.
Based in Concord, Ont., On The Go acquires internet technology companies.
| Issuer: | On The Go Healthcare, Inc.
|
| Issue: | Convertible promissory notes
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| Amount: | $1.25 million
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| Proceeds: | $1 million
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| Maturity: | June 30, 2007
|
| Coupon: | 0%
|
| Price: | 80
|
| Conversion price: | The lesser of 50% of the lowest closing bid price for the 15 trading days before conversion or 100% of the lowest closing bid price for the 20 trading days before conversion
|
| Call: | Subject to automatic conversion at maturity
|
| Warrants: | No
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| Investors: | Dutchess Private Equities Fund, LP and Dutchess Private Equities Fund II, LP
|
| Settlement date: | Jan. 6
|
| Stock symbol: | OTCBB: OGHC
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| Stock price: | $0.74 at close Jan. 6
|
| Stock price: | $0.58 at close Jan. 12
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