Friday, 9 February 2007

Money In the Bank


Brainhunter is in the process of completing a convertible note financing. Investors should note that 75% of the financing is being purchased by management and insiders. As a side comment, The Howard Group also participated in the note financing.

Brainhunter announced on January 15th that it had received primary approvals and price protection for a Convertible Notes financing of $2.0 million. The convertibles have a two-year term and a 10% interest rate. They are convertible into BH common shares at $0.75 per share. Each $1,000 of convertibles receives 500 warrants at $0.60 expiring two years from closing.