Deal sells 8% convertibles due July 26, 2014 with three-year warrants
By Devika Patel
Knoxville, Tenn., July 30 - Truli Media Group, Inc. settled a $100,000 convertible debenture private placement on July 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% debenture is convertible into common shares at a conversion price equal to 65% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date. The note matures July 26, 2014 and may be redeemed at par during the first six months.
The lone investor also received warrants for 500,000 common shares. Each warrant is exercisable at $0.04 for three years. The strike price is identical to the July 25 closing share price.
The Beverly Hills, Calif., company operates in the on-demand media and social networking markets.
| Issuer: | Truli Media Group, Inc.
|
| Issue: | Convertible debenture
|
| Amount: | $100,000
|
| Maturity: | July 26, 2014
|
| Coupon: | 8%
|
| Conversion price: | 65% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date
|
| Call: | At par during the first six months
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.04
|
| Settlement date: | July 26
|
| Stock symbol: | OTCBB: TRLI
|
| Stock price: | $0.04 at close July 25
|
| Market capitalization: | $3.07 million
|
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