ATLANTA-Numerex Corp. has closed a private placement of a $4.5 million term note with Laurus Master Funds Ltd. and issued warrants to Laurus Funds to purchase 300,000 Numerex common shares.
The term note is convertible into shares of Numerex common stock at a conversion price of $4.56 per share, and it bears a fixed interest rate of 8 percent. Principal repayments will begin in July 2004, and the final payment is due in January 2007. Net proceeds from the private placement will be used to repay the company’s $3.5 million short-term debt to Cingular and for working capital.
