By Devika Patel
Knoxville, Tenn., June 15 - Adex Media, Inc. said it settled a $2.34 million non-brokered private placement of series A preferred stock.
The company sold 1,951,337 preferreds at $1.20 per share.
Investors also received warrants for 975,668 shares, which are exercisable at $1.56.
The company plans to use the proceeds to expand its proprietary consumer product offerings, diversify its marketing platforms and services and for ongoing working capital requirements.
Adex is an internet publisher and advertising company based in Mountain View, Calif.
| Issuer: | Adex Media, Inc.
|
| Issue: | Series A preferred stock
|
| Amount: | $2,341,604
|
| Shares: | 1,951,337
|
| Price: | $1.20
|
| Warrants: | For 975,668 shares
|
| Warrant strike price: | $1.56
|
| Agent: | Non-brokered
|
| Settlement date: | June 15
|
| Stock symbol: | OTCBB: ADXM
|
| Stock price: | $1.60 at close June 12
|
| Market capitalization: | $52.2 million
|
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