Published on 7/22/2009 in the Prospect News PIPE Daily.
New Issue: Beyond Commerce sells $1.5 million of convertible notes in placement
By Devika Patel
Knoxville, Tenn., July 22 - Beyond Commerce, Inc. raised $1.5 million in the third tranche of a $2.5 million private placement of an original issue discount convertible promissory note with OmniReliant Holdings, Inc. on July 21, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company raised $500,000 in the first tranche on April 9 and settled a second tranche for another $500,000 on June 17.
The April note was sold for $500,000 with a principal of $550,000. It was due May 9, 2009 and has a conversion price of $1.00.
The June note was sold for $500,000, but has a principal of $575,000. It is due Aug. 1, 2009 and has a conversion price of $0.70.
The July note was sold for $1.5 million and has a principal of $1.75 million. It is due July 21, 2010 and has a conversion price of $0.70.
Omni also received five-year warrants to purchase up to 500,000 shares at $1.00 apiece in the first tranche. In the second tranche, Omni received a five-year warrant for up to 700,000 shares at $0.70 per share. The investor received warrants for 7,500,042 shares at $0.70 apiece in this tranche.
Based in Henderson, Nev., Beyond Commerce is is an Internet company aimed at generating revenues primarily from web site advertising and e-commerce transactions.
| Issuer: | Beyond Commerce, Inc.
|
| Issue: | Original issue discount convertible promissory note
|
| Amount: | $2.5 million
|
| Warrants: | For 1.2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00 (for 500,000 shares), $0.70 (for 8,200,042 shares)
|
| Investor: | OmniReliant Holdings, Inc.
|
| Settlement date: | April 9 (for $500,000), June 17 (for $500,000), July 21 (for $1.5 million)
|
| Stock symbol: | OTCBB: BYOC
|
| Stock price: | $1.18 at close April 9
|
| Market capitalization: | $13.3 million
|
|
|
| April note
|
| Amount: | $550,000
|
| Maturity: | May 9, 2009
|
| Price: | $500,000
|
| Conversion price: | $1.00
|
|
|
| June note
|
| Amount: | $575,000
|
| Maturity: | Aug. 1, 2009
|
| Price: | $500,000
|
| Conversion price: | $0.70
|
|
|
| July note
|
| Amount: | $1,750,010
|
| Maturity: | July 21, 2010
|
| Price: | $1.5 million
|
| Conversion price: | $0.70
|
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