Rim Semiconductor Company (fka RSMI)

[ophelia]

Looks like the boys couldn't cough up $425,000 on March 10, so they paid $23,181 for a two month extension. That is pretty high interest, but what do they care, it isn't their money.


Effective April 19, 2008, the Company entered into amendment agreements with Professional Offshore Opportunity Fund, Ltd. and Generation Capital Associates, two institutions that collectively hold unconverted two-year 7% Senior Secured Convertible Debentures (the “2006 Debentures”) with an aggregate principal amount of $425,000 (the “April 19 Amendments”). In exchange for aggregate cash consideration of $23,181, the April 19 Amendments amend the terms of the two subject 2006 Debentures to extend the maturity date on such debentures until May 10, 2008. The April 19 Amendments also included waivers of any event of default relating to failure to pay amounts due that may have occurred under the terms of such 2006 Debentures prior to the date thereof. The 2006 Debentures originally were due and payable on March 10, 2008.