By Sheri Kasprzak
New York, Jan. 31 - Tiger Telematics, Inc. said it concluded a $5 million private placement of a convertible loan with Laffitte Partners, LLC.
The loan bears interest at Prime plus 550 basis points and is convertible into shares at $0.30 each. The loan is payable in equal installments due 90 days from the date of each advance.
The investor received warrants equal to the amounts of actual advances, exercisable at $0.30 each for three years.
Proceeds will be used for working capital.
Tiger Telematics, based in Jacksonville, Fla., designs, develops and markets mobile telematic systems.
| Issuer: | Tiger Telematics, Inc.
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| Issue: | Convertible loan
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| Amount: | $5 million
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| Maturity: | Due in equal installments, payable 90 days after each advance
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| Coupon: | Prime plus 550 basis points
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| Conversion price: | $0.30
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| Warrants: | Equal to the shares issuable upon conversion in each advance
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.30
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| Investor: | Laffitte Partners, LLC
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| Settlement date: | Jan. 31
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| Stock symbol: | Pink Sheets: TGTL
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| Stock price: | $0.54 at close Jan. 31
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