By Devika Patel
Knoxville, Tenn., July 21 - ZVue Corp. said in an 8-K filed Monday with the Securities and Exchange Commission that it secured a $1 million secured loan on July 15 with the company's chief treasury officer, who is also a director and the beneficial owner of more than 10% of the company's common stock.
The financing allows the company to draw up to $1 million to finance purchase order commitments associated with the sale of MP3 and Video MP3 players with mass market retailers.
It carries a Prime plus 700 basis points interest rate and matures on Sept. 30, 2008.
The investor also received warrants for 350,000 shares, exercisable at $0.17.
ZVue, based in San Francisco, provides 18-35 year olds with digital entertainment both online and offline.
| Issuer: | ZVue Corp.
|
| Issue: | Secured loan
|
| Amount: | $1 million
|
| Tenor: | Sept. 30, 2008
|
| Coupon: | Prime plus 700 bps
|
| Warrants: | For 350,000 shares
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| Warrant strike price: | $0.17
|
| Pricing date: | July 15
|
| Stock symbol: | OTCBB: ZVUE
|
| Stock price: | $0.16 at close July 15
|
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