(RTTNews) - Quepasa Corp.
(QPSA) on Tuesday said it reached financing agreements with Mexican and Americans Trading Together, Inc. and Richard L. Scott Investments, LLC, to provide Quepasa with $7 million of working capital. As per the agreements, MATT and RLS have loaned $5 million and $2 million, respectively, in exchange for 10 year subordinated promissory notes for the respective amounts. Interest would accrue on the outstanding unpaid principal amount due under the notes from the date of each note until the principal amount is paid in full at an interest rate of 4.46%, compounded annually. In addition to the promissory notes, the exercise prices for the warrants held by MATT to purchase one million shares of Quepasa stock at $12.50 per share and one million shares of Quepasa stock at $15.00 per share have both been reduced to $2.75 per share. The exercise prices for the warrants held by RLS to purchase 500,000 shares of Quepasa stock at $4.00 per share and 500,000 shares of Quepasa stock at $7.00 per share have also been reduced to $2.75 per share, the company added.
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