T3 Motion, Inc. (AMEX:TTTM) announced a private placement of senior secured convertible debentures due November 26, 2013 for gross proceeds of $3,114,500 on November 26, 2012. The company has issued non-interest bearing senior secured convertible debentures convertible into common stock at $0.10 per share to several institutional and accredited individual investors. The company also issued five-year warrants exercisable at $0.10 per share. For 18 months, each investor ... has the right but not the obligation to purchase additional debentures and warrants up to levels equal to their participation in the financing. Chardan Capital Markets, LLC acted as the placement agent to the company. The company will pay the agent a cash fee of $50,000, debentures worth $237,500, warrants to purchase 2,375,000 shares and 237,500 closing shares. Fran Stoller of Loeb & Loeb LLP served as legal advisor to the company. Ellenoff Grossman & Schole LLP will serve as the legal advisor to the Chardan Capital Markets, LLC. The securities were issued pursuant to Regulation D. On November 27, 2012, the company announced that it has received $3,114,500 in the first tranche. On March 4, 2013, the company announced that it has amended the terms of the transaction. The company will now issue additional senior secured convertible debentures for gross proceeds of $646,750. The debentures will be issued on the same terms. The company will reimburse Alpha Capital Anstalt for its legal fees and expenses, up to a maximum of $10,000. On the same date, the company announced that it has received $250,000 in the second closing of the transaction. The tranche saw participation from two institutional investors. The investors purchases debentures for $250,000, five-year warrants to purchase 2,500,000 common shares at an exercise price of $0.10 per share, and 250,000 common shares.
Read More

Sponsored Financial Commentaries

To contact T3 MOTION INC, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.