Net Talk.com, Inc. announced that it has received $6.2 million in funding from Vicis Capital, LLC and otehr investors.
November 05, 2012 at 11:00 pm EST
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Net Talk.com, Inc. (OTCPK:NTLK) announced a private placement of 10% senior secured debentures due June 30, 2012 with existing investor Vicis Capital Master Fund, a fund managed by Vicis Capital, LLC, for gross proceeds of $5,000,000 on September 30, 2011. The company will also issue series E-4 warrants to the investor to purchase up to 10,000,000 shares of common stock at $0.50 per share, expiring on September 30, 2016. The debentures mature on June 30, 2012 and bear a coupon rate of 10%. Mitchell L. Perlstein of Mitchell L. Perlstein, P.A. will serve as the legal advisor to the company. Hoyt R. Stastney of Quarles & Brady, LLP will serve as legal advisor to the investor. The securities will be issued pursuant to Regulation D.
On the same day, the company issued debentures and warrants to the investor and raised gross proceeds of $3,500,000. The company will raise the remaining amount at any time prior to June 30, 2012.
On March 29, 2012, the company issued debentures for gross proceeds of $500,000 in the transaction.
On April 20, 2012, the company issued debentures for gross proceeds of $500,000 in the transaction.
On May 15, 2012, the company announced that it will receive $550,000 in the transaction bringing the gross proceeds to $5,050,000. The investor will invest $50,000 on May 15, 2012 and subsequently $100,000 will be raised on each of May 30, 2012, June 8, 2012, June 15, 2012, June 22, 2012, and June 29, 2012.
On May 28, 2012, the company issued the debentures. In the event of default the company will pay interest at 18% per annum.
On June 26, 2012, the company announced that it has raised $450,000 out of the expected $550,000.
On June 30, 2012, the company extended the maturity of the debentures to December 31, 2013.
On July 1, 2012, the company raised additional funding.
On October 16, 2012, the company announced that it has raised $1,150,000 from July 1, 2012 till October 16, 2012. The company has raised $6,100,000 in the transaction. The debentures issued will mature on December 31, 2013.
On November 6, 2012, Net Talk.com, Inc. closed the transaction. The company raised additional $100,000 in the transaction from Vicis Capital Master Fund and issued one 10% senior secured debenture. The company has raised $6,200,000 in the transaction. The debentures issued will mature on December 31, 2013.
NetTalk.com, Inc. (netTALK) is a telephone company. The Company provides and sells residential telecommunication services. The Company's services consists of services utilizing voice over Internet protocol (VoIP) technology, session initiation protocol (SIP) technology, wireless fidelity technology, wireless maximum technology, marine satellite services technology and other similar type technologies. The Company's main offerings are analog telephone adapters (Devices) that provide connectivity for analog telephones and faxes to home, home office or corporate local area networks (LAN). The Company's devices and the telecommunication services are a solution for individuals, small businesses and telecommuters connecting to any analog telephone, fax or private branch exchange (PBX). The Company's devices provide one universal serial bus (USB) port, one Ethernet port and one analog telephone port.
NETTALK.COM, INC. 
