OMAHA, Neb.-iSECUREtrac Corp., a provider of global positioning system and wireless monitoring solutions, received $11 million in funding from Mykonos 6420 LP, an affiliate of Sponsor Investments LLC of Dallas.
The company issued 1 million shares of its newly created Series C 8-percent cumulative, compounding exchangeable preferred stock plus warrants to acquire more than 32 million shares of the company’s common stock at exercise prices ranging from 23 cents to $1.65 per share. Each share of preferred stock is exchangeable for about 47.8 shares of the company’s common stock plus a warrant to purchase about 62.9 shares of common stock at 23 cents per share. If Mykonos exchanges its preferred stock for shares of the company’s common stock and exercises all of its warrants to purchase shares of the company’s common stock, Mykonos would own approximately 57 percent of the issued and outstanding shares of the company’s common stock.
The total purchase price paid by Mykonos for the preferred stock and the warrants was $11 million, paid in cash, less $90,000 retained by Mykonos as reimbursement of expenses incurred during the transaction.
“This investment further enhances our ability to win large GPS monitoring contract opportunities that are developing throughout the United States and the world,” said iSECUREtrac Chief Executive Officer Tom Wharton.
