By Sheri Kasprzak
New York, Sept. 1 - Access Worldwide Communications, Inc. said it has closed a private placement of convertible promissory notes for $2,255,000.
The notes, sold to accredited investors, mature in three years, bear interest at 15% annually and are convertible on the basis of two shares for each $1.00 of principal.
The notes will automatically convert into common shares when Access Worldwide's stockholders approve the increase of the authorized shares of the company to at least 35 million from 20 million.
If the increase is not approved, Access Worldwide will pay the holders the principal amount of the notes plus 20%.
The investors will receive one warrant for each note purchased. The warrants are exercisable at $0.75 each for 10 years.
Based in Boca Raton, Fla., Access Worldwide is a direct marketing company.
| Issuer: | Access Worldwide Communications, Inc.
|
| Issue: | Convertible promissory notes
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| Amount: | $2,255,000
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| Maturity: | Three years
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| Coupon: | 15%
|
| Price: | Par
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| Yield: | 15%
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| Conversion ratio: | Into two common shares for each $1.00 of principal
|
| Warrants: | One warrant for each note purchased
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.75
|
| Settlement date: | Aug. 31
|
| Stock price: | $0.82 at close Aug. 31
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