By Sheri Kasprzak
Atlanta, March 7 - Access Worldwide Communications Inc. said it has closed a private placement of convertible promissory notes for $1.15 million.
The company sold the 5% notes to accredited investors.
The notes mature the earlier of 39 months or upon a change of control of the company. The notes are convertible into common shares at $1.00 each.
The investors also received warrants for half of the principal amount at $1.00 each for 10 years.
Based in Boca Raton, Fla., Access Worldwide provides marketing services for the pharmaceutical industry.
| Issuer: | Access Worldwide Communications Inc.
|
| Issue: | Convertible promissory notes
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| Amount: | $1.15 million
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| Maturity: | The earlier of 39 months or upon change of control
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
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| Conversion price: | $1.00
|
| Warrants: | For 50% of the principal
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $1.00
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| Announcement date: | March 7
|
| Settlement date: | Dec. 15, 2004
|
| Stock price: | $0.90 at close Dec. 15
|
| Stock price: | $0.80 at close March 7
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