Company sells 4% notes with three-year warrants for 1,075,000 shares
By Devika Patel
Knoxville, Tenn., Dec. 23 - Wireless Ronin Technologies, Inc. raised $1.08 million in a private placement of unsecured convertible promissory notes between Dec. 17 and Dec. 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 4% notes mature in two years and are convertible into common shares at $0.50 per share, which is an 11.11% premium to the closing share price on Dec. 16, $0.45.
In addition, investors received three-year warrants for 1,075,000 common shares. The warrants are each exercisable at $0.75, which is a 66.67% premium to the Dec. 16 closing share price.
Proceeds will be used for general corporate purposes, including working capital.
Minnetonka, Minn.-based Wireless Ronin provides digital signage products to retail and service markets.
| Issuer: | Wireless Ronin Technologies, Inc.
|
| Issue: | Unsecured convertible promissory notes
|
| Amount: | $1,075,000
|
| Maturity: | Two years
|
| Coupon: | 4%
|
| Conversion price: | $0.50
|
| Conversion premium: | 11.11%
|
| Warrants: | For 1,075,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.75
|
| Pricing date: | Between Dec. 17 and Dec. 20
|
| Stock symbol: | OTCBB: RNIN
|
| Stock price: | $0.45 at close Dec. 16
|
| Market capitalization: | $3.38 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
