Asiamart completes $3 million placement of convertible debentures

By Sheri Kasprzak

New York, Oct. 9 - Asiamart, Inc. settled a $3 million private placement of senior convertible debentures with a group of institutional and other investors.

The debentures are convertible into a number of shares equal to 11.6 million to 16 million shares. The full terms of the deal could not be determined Monday. The deal closed Oct. 6.

The investors received warrants for 8 million shares, exercisable for five years.

Maxim Group LLC was the lead agent for the deal with Chardan Capital Markets LLC as co-agent.

Proceeds will be used for the expansion of the company's travel retail operations in Asia. The rest will be used for working capital and general corporate purposes.

Based in New York, Asiamart operates a chain of outlets and discount shopping centers aimed at tourists.

On Friday, the company's stock closed unchanged at $0.35 (OTCBB: WTHD).

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