By Sheri Kasprzak
New York, May 31 - AXS-One Inc. closed a $5 million private placement of convertible notes.
BlueLine Partners and William K. Jurika bought the two-year notes, which bear interest at 6% annually.
Of the notes, half are convertible into common shares at $1.00 each and the other half at $2.50 each.
The investors also received warrants for 2 million shares, exercisable at $0.01 each.
Based in Rutherford, N.J., AXS-One develops records compliance-management software.
| Issuer: | AXS-One Inc.
|
| Issue: | Convertible notes
|
| Amount: | $5 million
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $1.00 for half; $2.50 for half
|
| Warrants: | For 2 million shares
|
| Warrant strike price: | $0.01
|
| Investors: | BlueLine Partners and William K. Jurika
|
| Settlement date: | May 30
|
| Stock symbol: | Amex: AXO
|
| Stock price: | $0.69 at close May 30
|
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