By Devika Patel
Knoxville, Tenn., Jan. 21 - Z Trim Holdings, Inc. settled a $1.3 million private placement with Brightline Ventures I, LLC on Jan. 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 130 units to Brightline.
Each unit consists of a $10,000 two-year 8% convertible senior secured promissory note and one five-year warrant to purchase 15,000 common shares, with an exercise price of $1.50 per share.
Each note is convertible into 10,000 shares at the rate of $1.00 per share.
Z Trim Holdings is based in Mundelein, Ill., and makes Z Trim, a food ingredient made from the hulls of corn that is used as a fat replacement or emulsifier.
| Issuer: | Z Trim Holdings, Inc.
|
| Issue: | Units of one 8% convertible senior secured promissory note and a warrant
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| Amount: | $1.3 million
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| Units: | 130
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| Warrants: | One warrant for 15,000 shares per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.50
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| Investor: | Brightline Ventures I, LLC
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| Settlement date: | Jan. 15
|
| Stock symbol: | OTCBB: ZTMH
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| Stock price: | $0.07 on Jan. 15
|
|
|
| Notes
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| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | $10,000
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| Conversion price: | $1.00
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| Conversion rate: | Into 10,000 shares
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