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Numerex Corp Secures Funding
Venture Business News |
2007/01/03 00:05
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One of the leaders in wireless machine-to-machine or M2M solutions, Numerex Corp. (NASDAQ:NMRX) stated that they have entered into a $10 million financing agreement with the Laurus Master Fund, Ltd. According to the company the net proceeds from the transaction will be used primarily for strategic initiatives which may include joint ventures, co- marketing programs, and acquisition opportunities.
The financing is in the form of a four year US$10 million Convertible Note with a fixed interest rate of 9.5% and is secured by Numerex's assets. The company has also issued warrants to Laurus to purchase a total of 158,562 Numerex common shares at a price of $10.13.
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