Deal sells 12% notes with five-year warrants to Mill City Ventures III
By Devika Patel
Knoxville, Tenn., Feb. 24 – Creative Realities, Inc. settled a $1 million private placement of 12% secured convertible promissory notes with Mill City Ventures III, Ltd. on Feb. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on Aug. 18, 2016 and is convertible into common shares at $0.33 per share. The conversion price is a 10.81% discount to the Feb. 17 closing share price of $0.37. The note may be prepaid.
Mill City also received warrants for 1,515,152 shares. The warrants are each exercisable at $0.38 for five years. The strike price is a 2.7% premium to the Feb. 17 closing share price.
The marketing technologies company is based in New York.
| Issuer: | Creative Realities, Inc.
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| Issue: | Secured convertible promissory note
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| Amount: | $1 million
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| Maturity: | Aug. 18, 2016
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| Coupon: | 12%
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| Conversion price: | $0.33
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| Call: | Yes
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| Warrants: | For 1,515,152 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.38
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| Investor: | Mill City Ventures III, Ltd.
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| Settlement date: | Feb. 18
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| Stock symbol: | OTCBB: CREX
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| Stock price: | $0.37 at close Feb. 17
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| Market capitalization: | $14.08 million
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