Wireless Ronin Technologies, Inc. (OTC: RNIN) said it has issued an aggregate of USD1,075,000 in unsecured convertible promissory notes, along with warrants to purchase an aggregate of 1,075,000 shares of the company´s common stock, in a private placement transaction with certain accredited investors.
The notes mature two years after issuance, require the payment of four percent interest, and are convertible into unregistered shares of the company´s common stock at a conversion price of USD0.50 per share. The warrants are immediately exercisable, expire three years after issuance, have a cashless exercise feature, and may be exercised to purchase unregistered shares of the company´s common stock at an exercise price of USD0.75 per share.
The company raised net proceeds at closing of approximately USD1,025,000, which the company plans to use for general corporate purposes, including working capital.
Wireless Ronin Technologies (www.wirelessronin.com) is a pioneering marketing technologies company. The company is headquartered in Minneapolis, Minnesota.