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Share Name | Share Symbol | Market | Type |
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Osiris Corporation (CE) | USOTC:OSRS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00004 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
Check the appropriate box to designate the rule pursuant to which this Schedule
13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Laurus Master Fund, Ltd. 98-0337673 -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Cayman Islands -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): CO -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): PSource Structured Debt Limited -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Guernsey -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): CO -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Laurus Capital Management, LLC 13-4150669 -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Delaware -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): OO -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Valens U.S. SPV I, LLC 20-8903266 -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Delaware -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): OO -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Valens Offshore SPV II, Corp. 26-0811267 -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Delaware -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098* -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): OO -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Valens Capital Management, LLC 20-8903345 -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Delaware -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): OO -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): David Grin -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: Israel -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): IN -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
CUSIP No. 884400102 -------------------------------------------------------------------------------- (1) Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (entities only): Eugene Grin -------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] -------------------------------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------------------------------- (4) Citizenship or Place of Organization: United States -------------------------------------------------------------------------------- Number of Shares Beneficially Owned by Each Reporting Person With (5) Sole Voting Power: 0* -------------------------------------- (6) Shared Voting Power: 2,430,098* -------------------------------------- (7) Sole Dispositive Power: 0* -------------------------------------- (8) Shared Dispositive Power: 2,430,098* -------------------------------------- -------------------------------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,430,098 -------------------------------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions): [X] -------------------------------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9): 9.99% -------------------------------------------------------------------------------- (12) Type of Reporting Person (See Instructions): IN -------------------------------------------------------------------------------- THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007. Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") |
outstanding, as of December 31, 2007, as disclosed by the Company to the
Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"),
PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens
US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the
Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured
Convertible Term Note, as amended and restated, in the aggregate initial
principal amount of $6,000,000, which is convertible into Shares, at a
conversion rate of $0.125 per Share, subject to certain adjustments (the
"Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate
initial principal amount of $1,900,000, which is convertible into Shares at a
conversion rate of $0.125 per Share, subject to certain adjustments (the "Second
Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the
aggregate initial principal amount of $22,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in
the aggregate initial principal amount of $8,000,000, which is convertible into
Shares at a conversion rate of $0.125 per Share, subject to certain adjustments
(the "MB Note", together with the Restated Term Note, the Second Term Note, and
the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to
acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to
certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063
Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
THIS SCHEDULE 13G (AMENDMENT NO. 4) IS FILED FOR THE PURPOSE OF AMENDING THE NUMBER OF SHARES OUTSTANDING OF THOMAS EQUIPMENT INC. AND AMENDING THE NUMBER OF SHARES DEEMED BENEFICIALLY OWNED BY THE INVESTORS, EACH AS PREVIOUSLY REPORTED ON AMENDMENT NO. 3 TO SCHEDULE 13G DATED DECEMBER 31, 2007.
Item 1(a). Name of Issuer: THOMAS EQUIPMENT, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
1818 North Farwell Avenue, Milwaukee, Wisconsin 53202
Item 2(a). Name of Person Filing:
Laurus Master Fund, Ltd.
This Schedule 13G, as amended, is also filed on behalf of Laurus Capital Management, LLC, a Delaware limited liability company, PSource Structured Debt Limited, a closed ended company incorporated with limited liability in Guernsey, Valens U.S. SPV I, LLC, a Delaware limited liability company, Valens Offshore SPV II, Corp., a Delaware corporation, Valens Capital Management, LLC, a Delaware limited liability company, Eugene Grin and David Grin. Laurus Capital Management, LLC manages Laurus Master Fund, Ltd and PSource Structured Debt Limited. Valens Capital Management, LLC manages Valens U.S. SPV I, LLC and Valens Offshore SPV II, Corp. Eugene Grin and David Grin, through other entities, are the controlling principals of Laurus Capital Management, LLC and Valens Capital Management, LLC and share sole voting and investment power over the securities owned by Laurus Master Fund, Ltd., PSource Structured Debt Limited, Valens U.S. SPV I, LLC, and Valens Offshore SPV II, Corp reported on this Schedule 13G, as amended. Information related to each of Laurus Capital Management, LLC, PSource Structured Debt Limited, Valens U.S SPV I, LLC, Valens Offshore SPV II, Corp., Valens Capital Management, LLC, Eugene Grin and David Grin is set forth on Appendix A hereto.
Item 2(b). Address of Principal Business Office or, if None, Residence:
c/o Laurus Capital Management, LLC, 335 Madison Avenue, 10th Floor,
New York, New York 10017
Item 2(c). Citizenship: Cayman Islands
Item 2(d). Title of Class of Securities: Common Stock
Item 2(e). CUSIP No.: 884400102
Item 3. If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the Person Filing is a:
Not Applicable
Item 4. Ownership
(a) Amount Beneficially Owned: 2,430,098*
(b) Percent of Class: 9.99%*
(c) Number of Shares as to which the person has:
(i) sole power to vote or to direct the vote 0*
(ii) shared power to vote or to direct the vote 2,430,098*
(iii) sole power to dispose or to direct the disposition of 0*
(iv) shared power to dispose or to direct the disposition of 2,430,098*
Item 5. Ownership of Five Percent or Less of a Class
Not Applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person
Not Applicable.
Item 7. Identification and Classification of Subsidiary Which Acquired the Securities:
Not Applicable.
Item 8. Identification and Classification of Members of the Group:
Not Applicable.
Item 9. Notice of Dissolution of Group:
Not Applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
Based on 24,325,310 shares of the common stock, par value $0.01 per share (the "Shares") of Thomas Equipment, Inc. a Delaware corporation (the "Company") outstanding, as of December 31, 2007, as disclosed by the Company to the Investors. As of December 31, 2007, Laurus Master Fund, Ltd. (the "Fund"), PSource Structured Debt Limited ("PSource"), Valens U.S. SPV I, LLC ("Valens US"), and Valens Offshore SPV II, Corp. ("VOFF SPV II" and together with the Fund, PSource, and Valens US, the "Investors") collectively held (i) a Secured Convertible Term Note, as amended and restated, in the aggregate initial principal amount of $6,000,000, which is convertible into Shares, at a conversion rate of $0.125 per Share, subject to certain adjustments (the "Restated Term Note"), (ii) a Secured Convertible Term Note, in the aggregate initial principal amount of $1,900,000, which is convertible into Shares at a conversion rate of $0.125 per Share, subject to certain adjustments (the "Second Term Note"), (iii) a Secured Revolving Note, as amended and restated, in the aggregate initial principal amount of $22,000,000, which is convertible into Shares at a conversion rate of $0.125 per Share, subject to certain adjustments (the "Revolving Note"), (iv) a Secured Convertible Minimum Borrowing Note, in the aggregate initial principal amount of $8,000,000, which is convertible into Shares at a conversion rate of $0.125 per Share, subject to certain adjustments (the "MB Note", together with the Restated Term Note, the Second Term Note, and the Revolving Note, the "Notes"), (v) a warrant (as amended, the "A Warrant") to acquire up to 150,000 Shares at an exercise price of $.125 per share, subject to certain adjustments; (vi) a warrant (the B Warrant") to acquire up to 61,974,063 Shares at an exercise price of $0.01 per share, subject to certain adjustments;
(vii) a warrant (as amended, the "C Warrant") to acquire up to 400,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments an
option, (viii) a warrant (as amended, the "D Warrant") to acquire up to
1,416,667 Shares, at an exercise price of $0.125 per share, subject to certain
adjustments; (ix) a warrant (the "E Warrant") to acquire up to 844,497,199
Shares, at an exercise price of $0.01 per share, subject to certain adjustments,
(x) a warrant (as amended, the "F Warrant") to acquire up to 2,200,000 Shares,
at an exercise price of $0.125 per share, subject to certain adjustments, (xi) a
warrant (the "G Warrant") to acquire up to 1,156,850 Shares, at an exercise
price of $0.01 per share, subject to certain adjustments, (xii) a warrant (the
"H Warrant") to acquire up to 562,998,132 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, (xiii) a warrant (as amended, the "I
Warrant") to acquire up to 50,662,500 Shares, at an exercise price of $0.125 per
share, subject to certain adjustments, (xiv) a warrant (the "J Warrant", and
together with the A Warrant, the B Warrant, the C Warrant, the D Warrant, the E
Warrant, the F Warrant, the G Warrant, the H Warrant and the I Warrant, the
"Warrants") to acquire up to 49,397,524 Shares, at an exercise price of $0.01
per share, subject to certain adjustments, and (xv) 2,217,372 Shares. Each of
the Notes, and each of the Warrants, contains an issuance limitation prohibiting
the Investors from converting or exercising those securities to the extent that
such conversion or exercise would result in beneficial ownership by the
Investors of more than 9.99% of the Shares then issued and outstanding (the
"Issuance Limitation"). The Issuance Limitation may be waived by the Investors
upon no less than 65 days prior notice to the Company and shall automatically
become null and void upon the occurrence and/or continuance of an event of
default (as defined in and pursuant to the terms of the applicable instrument).
The Fund and PSource are managed by Laurus Capital Management, LLC. Valens US
and VOFF SPV II are managed by Valens Capital Management, LLC. Eugene Grin and
David Grin, through other entities, are the controlling principals of Laurus
Capital Management, LLC and Valens Capital Management, LLC and share sole voting
and investment power over the securities owned by the Investors reported in this
Schedule 13G, as amended.
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
LAURUS MASTER FUND, LTD.
By: /s/ David Grin ------------------------------- David Grin Director |
Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)
APPENDIX A
A. Name: Laurus Capital Management, LLC, a Delaware limited liability company Address: 335 Madison Avenue, 10th Floor New York, New York 10017 Place of Organization: Delaware B. Name: PSource Structured Debt Limited, a closed ended company incorporated with limited liability in Guernsey Business Address: 335 Madison Avenue, 10th Floor New York, New York 10017 Place of Organization: Guernsey C. Name: Valens U.S. SPV I, LLC, a Delaware limited liability company Business Address: 335 Madison Avenue, 10th Floor New York, New York 10017 Place of Organization: Delaware D. Name: Valens Offshore SPV II, Corp., a Delaware corporation Business Address: 335 Madison Avenue, 10th Floor New York, New York 10017 Place of Organization: Delaware E. Name: Valens Capital Management, LLC, a Delaware limited liability company |
Business Address: 335 Madison Avenue, 10th Floor New York, New York 10017
Place of
Organization: Delaware
F. Name: Eugene Grin Business Address: 335 Madison Avenue, 10th Floor New York, New York 10017 Principal Director of Laurus Master Fund, Ltd. Occupation: Principal of Laurus Capital Management, LLC Citizenship: United States G. Name: David Grin Business Address: 335 Madison Avenue, 10th Floor New York, New York 10017 Principal Director of Laurus Master Fund, Ltd. Occupation: Principal of Laurus Capital Management, LLC Citizenship: Israel |
Each of Laurus Capital Management, LLC, PSource Structured Debt Limited, Valens U.S. SPV I, LLC, Valens Offshore SPV II, Corp., Valens Capital Management, LLC, Eugene Grin and David Grin hereby agrees, by their execution below, that the Schedule 13G, as amended, to which this Appendix A is attached is filed on behalf of each of them, respectively.
PSource Structured Debt Limited
Laurus Capital Management, LLC
By: Laurus Capital Management, LLC
Individually and as investment manager
/s/ Eugene Grin -------------------------------- Eugene Grin Principal March 12, 2008 |
Valens U.S. SPV I, LLC
Valens Offshore SPV II, Corp
Valens Capital Management, LLC
By: Valens Capital Management, LLC
Individually and as investment manager
/s/ Eugene Grin -------------------------------- Eugene Grin Principal March 12, 2008 /s/ Eugene Grin -------------------------------- Eugene Grin, on his individual behalf March 12, 2008 /s/ David Grin -------------------------------- David Grin, on his individual behalf March 12, 2008 |
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