By Sheri Kasprzak
New York, April 27 - Wi-Fi TV, Inc. said it has concluded a $1 million private placement of convertible notes with New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC.
The 8% notes mature in three years and are convertible into common shares at the lesser of $0.005 or 25% of the average of the three lowest intraday trading prices for the 20 trading days before conversion.
The investors also received warrants for 105 million shares, exercisable at $0.005 each for seven years.
Proceeds from the deal will be used for legal, accounting and general business purposes as well as for working capital.
Based in Newport Beach, Calif., Wi-Fi TV is an internet content provider.
| Issuer: | Wi-Fi TV, Inc.
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| Issue: | Convertible notes
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| Amount: | $1 million
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| Maturity: | Three years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | The lesser of $0.005 each or 25% of the average of the three lowest intraday trading prices for the 20 trading days before conversion
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| Warrants: | For 105 million shares
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| Warrant expiration: | Seven years
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| Warrant strike price: | $0.005
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| Investors: | New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC
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| Settlement date: | April 12
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| Stock symbol: | Pink Sheets: WTVN
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| Stock price: | $0.0005 at close April 12
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