By Sheri Kasprzak
New York, March 7 - Theater Xtreme Entertainment Group, Inc. closed a $2.7 million private placement of non-convertible debentures with warrants.
The 10% debentures were purchased by Kinzer Technology, LLC.
The debentures are due the earlier of March 6, 2010 or the date Theater Xtreme receives, after March 6, 2007, at least $6 million from a debt or equity financing.
Kinzer received warrants for 460,600 shares, exercisable at $1.10 each for five years.
Of the debentures, $2 million was funded at closing and the remaining $700,000 was issued by canceling a $700,000 non-convertible 10% debenture issued to Kinzer that was originally due Nov. 15, 2007.
The proceeds will be used for general corporate purposes.
Theater Xtreme operates a chain of electronics retail stores. The company is based in Newark, Del.
Issuer: | Theater Xtreme Entertainment Group, Inc.
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Issue: | Non-convertible debentures
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Amount: | $2.7 million
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Maturity: | The earlier of March 6, 2010 or the date Theater Xtreme completes a financing of at least $6 million in debt or equity
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Warrants: | For 460,600 shares
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Warrant expiration: | Five years
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Warrant strike price: | $1.10
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Investor: | Kinzer Technology, LLC
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Settlement date: | March 6
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Stock symbol: | OTCBB: TXEG
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Stock price: | $0.87 at close March 6
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