By Devika Patel
Knoxville, Tenn., Sept. 14 - Beyond Commerce, Inc. settled a $600,000 tranche of a private placement of original issue discount convertible debentures with OmniReliant Holdings, Inc. on Sept. 4, according to an 8-K filed Monday with the Securities and Exchange Commission. The debenture had a $699,996 principal amount.
The company raised $1.22 million on Aug. 28 by selling four debentures with a combined principal amount of $1.42 million.
The one-year 10% debentures are convertible into common stock at $0.70 per share. Interest is payable in cash or shares upon redemption, upon conversion or at maturity.
Beginning six months after issue, the company must redeem one-sixth of the original principal amount of each debenture on the first day of each month. The redemption price is 110% of the amount being redeemed.
Omni also received five-year warrants to purchase up to 9.1 million shares at $0.70.
Based in Henderson, Nev., Beyond Commerce 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 debentures
|
| Amount: | $2,123,322
|
| Proceeds: | $1.82 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | $0.70
|
| Warrants: | For 9.1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.70
|
| Investor: | OmniReliant Holdings, Inc.
|
| Settlement date: | Aug. 28 (for $1,423,326), Sept. 4 (for $699,996)
|
| Stock symbol: | OTCBB: BYOC
|
| Stock price: | $0.17 at close Aug. 28
|
| Market capitalization: | $8.79 million
|
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