Deal also includes warrants; note's principal is due March 31, 2013
By Devika Patel
Knoxville, Tenn., Aug. 3 - Tel-Instrument Electronics Corp. completed a $600,000 private placement of a senior secured promissory note on July 26, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is due March 31, 2013 and carries a 14% coupon.
The lone investor also received warrants for 50,000 shares, which are exercisable at $3.35 until Sept. 10, 2019. The strike price is a 14.1% discount to the July 25 closing share price of $3.90.
Tel-Instrument makes avionics test and measurement solutions and is based in Carlstadt, N.J.
| Issuer: | Tel-Instrument Electronics Corp.
|
| Issue: | Loan evidenced by senior secured promissory note
|
| Amount: | $600,000
|
| Maturity: | March 31, 2013
|
| Coupon: | 14%
|
| Warrants: | For 50,000 shares
|
| Warrant expiration: | Sept. 10, 2019
|
| Warrant strike price: | $3.35
|
| Settlement date: | July 26
|
| Stock symbol: | NYSE: TIK
|
| Stock price: | $3.90 at close July 25
|
| Market capitalization: | $9.84 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
