By Sheri Kasprzak
New York, June 26 - Catcher Holdings, Inc. closed a $1.3 million private placement of discounted convertible promissory notes for proceeds of $1 million.
The 10% notes are due in 180 days and are convertible into common shares at the lower of the average closing stock price for the five trading days before conversion and $0.65 per share.
In this initial closing, the investors received 350,000 common shares.
The agreement allows for multiple closings for up to $3 million.
The notes were priced at 76.
Based in Leesburg, Va., Catcher develops a wireless, handheld global positioning system.
| Issuer: | Catcher Holdings, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1.3 million
|
| Proceeds: | $1 million
|
| Maturity: | 180 days
|
| Coupon: | 10%
|
| Price: | 76
|
| Conversion price: | Lower of $0.65 each and the lower of the average closing price for the five trading days before conversion
|
| Shares: | 350,000
|
| Warrants: | No
|
| Settlement date: | June 20
|
| Stock symbol: | Pink Sheets: CTHH
|
| Stock price: | $0.82 at close June 20
|
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