Offering also includes five-year warrants for 6,666,667 common shares
By Devika Patel
Knoxville, Tenn., Oct. 1 – ID Global Solutions Corp. sold $1 million of secured promissory notes in a private placement on Sept. 25, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note carries a 12% coupon. The interest may be converted to common stock at $0.10 per share, which is an 81.82% discount to the Sept. 24 closing share price of $0.55.
Investors also received five-year warrants for 6,666,667 common shares, which are each exercisable at $0.15. The strike price is a 72.73% discount to the Sept. 24 closing share price.
The Longwood, Fla., company develops biometric technology.
Issuer: | ID Global Solutions Corp.
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Issue: | Secured promissory note
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Amount: | $1 million
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Coupon: | 12%
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Conversion price: | $0.10
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Warrants: | For 6,666,667 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.15
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Settlement date: | Sept. 25
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Stock symbol: | OTCBB: IDGS
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Stock price: | $0.55 at close Sept. 24
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Market capitalization: | $86.7 million
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