Funds used to retire convertible debt, to repay loans, as working capital
By Devika Patel
Knoxville, Tenn., Nov. 2 – Electronic Cigarettes International Group, Ltd. said it settled an $18 million loan on Friday.
The loan was accompanied by 40 million warrants. The warrants are exercisable at $0.45, a 50% premium to the $0.30 closing price on Oct. 29.
Proceeds will be used to retire subordinate convertible debt, to repay loans and for working capital.
The Spring Lake, Mich., company markets and sells electronic cigarettes.
| Issuer: | Electronic Cigarettes International Group, Ltd.
|
| Issue: | Loan
|
| Amount: | $18 million
|
| Warrants: | 40 million
|
| Warrant strike price: | $0.45
|
| Settlement date: | Oct. 30
|
| Stock symbol: | OTCBB: ECIG
|
| Stock price: | $0.30 at close Oct. 29
|
| Market capitalization: | $23.26 million
|
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