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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: October 2, 1996
TELECHIPS CORPORATION
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
NEVADA 0-26764 88-0266392
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
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6880 S. McCarran Blvd., Reno, Nevada 89509
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 824-5555
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Item 5. Other Events
On October 2, 1996, Telechips Corporation, a Nevada
corporation (the "Registrant"), announced the completion of a $2.9 million
private placement of 4,188 shares of 4% Convertible Preferred Stock, face value
$1,000 per share (the "Preferred Shares"). The Preferred Shares were issued
without registration under the Securities Act of 1933, as amended (the "Act"),
pursuant to Regulation S promulgated under the Act. The conversion price of
the Preferred Shares is determined by multiplying each Preferred Share by 1,000
and dividing the result by the lower of $3.00 or the fair market value of the
Company's Common Stock on the date of conversion. The Preferred Shares are
convertible at any time beginning November 11, 1996 until August 31, 1998. The
Company received approximately $2.9 million in net proceeds.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: October 15, 1996
TELECHIPS CORPORATION
By: /s/ Nelson B. Caldwell
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Nelson B. Caldwell
Chief Financial Officer
