By Sheri Kasprzak
New York, March 30 - PowerLinx, Inc. has settled its previously announced private placement of convertible debentures for $4,475,000.
The company issued $3.1 million in new debentures and converted $1,375,000 of existing debt into the debentures.
The 8% debentures mature in two years and are convertible into common shares at a 35% discount to the 10-day volume weighted average price ending March 6.
The investors will receive warrants for 180,770,000 shares, exercisable at 125% of the 10-day VWAP ending March 6.
The deal was announced March 16 as a $4,375,000 offering of $3 million in new debentures and $1,375,000 in existing debt.
PowerLinx, based in St. Petersburg, Fla., develops audio, video and data applications used over power lines, twisted-pair wires and AC/DC power environments.
| Issuer: | PowerLinx, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $4,475,000
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | Equal to 35% discount to the 10-day VWAP ending March 6
|
| Warrants: | For 180,770,000 shares
|
| Warrant strike price: | Equal to 125% discount to the 10-day VWAP ending March 6
|
| Pricing date: | March 16
|
| Settlement date: | March 30
|
| Stock symbol: | OTCBB: PWNX
|
| Stock price: | $1.65 at close March 29
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