Business
ProBility Media Completes $1.4 Million Promissory Note and Warrant Private Placement
ProBility Media Completes $1.4 Million Promissory Note and Warrant Private Placement.
About this update from Probility Media Corp.
[{"type":"text","content":"\n \n \n ProBility Media Completes $1.4 Million Promissory Note and Warrant Private Placement\n \n \nProBility Media Completes $1.4 Million Promissory Note and Warrant Private Placement\n\nAn Additional $1.5 Million to be Funded upon Completion of Acquisition\n\n \n HOUSTON, TX--(Marketwired - Nov 14, 2017) - ProBility Media Corp. (OTCQB: PBYA), an EdTech company building the first full-service training and career advancement brand for the skilled trades, today announced the completion of a private placement of original issue discount amortizable promissory notes in the aggregate principal amount of $3,383,325. ProBility received net proceeds of $1,400,000.00 at the first closing on November 6, 2017. A second closing of the remaining net proceeds of $1,500,000.00 will occur 45 to 90 days after the first closing, subject to the satisfaction of certain closing conditions including the execution of definitive documents to affect the consummation of a contemplated acquisition transaction. \n Each note was issued at a price equal to 85% of its principal amount, or $2,900,000 in aggregate purchase price. The notes mature on July 3, 2019 (21 months after the date of their issuance) and do not bear regularly scheduled interest. The notes are not redeemable or subject to voluntary prepayment prior to maturity without the consent of the note holders. Beginning on February 4, 2018, ProBility is required to make monthly amortization payments, consisting of 1/18th of the outstanding aggregate principal amount until the notes are no longer outstanding. The investors may elect to receive each monthly payment in cash, or in shares of common stock if certain equity conditions are satisfied.\n As part of the Securities Purchase Agreement the investors received 241,935 shares of common stock at the first closing and three-year common stock cashless warrants to purchase up to 3,383,325 exercisable at $0.45 per share\n ProBility intends to use the net proceeds from the first closing of the private placement primarily for working capital requirements, and the net proceeds from the second closing primarily to fund the closing of a contemplated acquisition transaction. Pickwick Capital Partners, LLC acted as the placement agent for the private placement.\n \"This is the Company's first financing with institutional investors, validating market acceptanc...