By Sheri Kasprzak
New York, Nov. 8 - CallKey International, Inc. closed a private placement for $3,825,800.
The company has received a commitment for another $730,000 in principal of the convertible notes once a registration statement is filed with the Securities and Exchange Commission.
The 10% notes are convertible into common shares at $0.25 each. The maturity of the notes could not be determined Wednesday.
The investors will receive warrants for 3 million shares, exercisable at $0.25 each.
Proceeds will be used to refinance the company's $1.8 million in convertible debentures, to finance other third-party loans, to fund ongoing operations of its subsidiary and to make a strategic acquisition.
Based in Ballasalla, Isle of Man, CallKey is a telecom company.
| Issue: | CallKey International, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $3,825,800
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.25
|
| Warrants: | For 3 million shares
|
| Warrant strike price: | $0.25
|
| Settlement date: | Oct. 18
|
| Stock symbol: | Pink Sheets: CKYI
|
| Stock price: | $1.00 at close Oct. 18
|
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