By Sheri Kasprzak
New York, June 19 - Atlas Technology Group (US), Inc. raised $5 million from a private placement of non-convertible promissory notes with investor West Coast Opportunity Fund, LLC.
The 5% notes are due Nov. 30, 2008.
Along with the note, West Coast will receive 6.5 million shares of Atlas' parent company, Tribeworks, Inc. and warrants for 6.5 million shares, exercisable at $2.60 each.
The offering will close in two tranches. So far, the company has received $2.5 million from the notes. A second tranche, for the remaining $2.5 million, will close on July 10.
Equity Source Partners, LLC was the placement agent.
Located in Redmond, Wash., Atlas, a subsidiary of Tribeworks, provides outsourced application software support services for clients with large information technology functions.
| Issuer: | Atlas Technology Group (US), Inc.
|
| Issue: | Non-convertible promissory notes
|
| Amount: | $5 million
|
| Maturity: | Nov. 30, 2008
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Warrants: | For 6.5 million shares of Tribeworks, Inc.
|
| Warrant strike: | $2.60
|
| Placement agent: | Equity Source Partners, LLC
|
| Investor: | West Coast Opportunity Fund, LLC
|
| Settlement date: | June 15 (for first tranche); July 10 (for final tranche)
|
| Stock symbol: | OTCBB: TWKS
|
| Stock price: | $0.85 at close June 15
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