Deal sells secured convertible notes with warrants via agent Laidlaw
By Devika Patel
Knoxville, Tenn., May 3 - Aspen Group, Inc. settled a $609,000 private placement of secured convertible notes on April 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Laidlaw & Co. (UK) Ltd. was the agent.
The notes will convert to common shares at a conversion price equal to the lesser of $1.00 or 95% of the price of common stock, or common stock equivalents, sold by the company in its next private placement.
In addition, the investors received 152,250 five-year warrants, which are exercisable at the conversion price.
The Denver-based company offers business consulting, real estate development and investment services.
| Issuer: | Aspen Group, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $609,000
|
| Conversion price: | The lesser of $1.00 or 95% of the price of common stock, or common stock equivalents, sold by the company in its next private placement
|
| Warrants: | 152,250
|
| Warrant expiration: | Five years
|
| Warrant strike price: | The lesser of $1.00 or 95% of the price of common stock, or common stock equivalents, sold by the company in its next private placement
|
| Agent: | Laidlaw & Co. (UK) Ltd.
|
| Settlement date: | April 27
|
| Stock symbol: | OTCBB: ASPU
|
| Stock price: | $3.75 at close May 2
|
| Market capitalization: | $132.28 million
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