By Sheri Kasprzak
Atlanta, March 7 - Cordia Corp. said it has closed a private placement for $1.5 million.
The company sold 1.5 million shares of series A convertible preferred stock at $1.00 each to Barron Partners LP.
The preferreds are convertible into common shares at $1.00 each.
The preferreds do not pay dividends.
Barron also received warrants for 750,000 shares at $2.00 each through March 3, 2008 and 750,000 shares at $4.00 each through March 3, 2009.
Based in Orlando, Fla., Cordia develops and provides integrated Web services and applications primarily to the telecommunications industry. Proceeds from the offering will be used for general corporate purposes.
| Issuer: | Cordia Corp.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1.5 million
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| Shares: | 1.5 million
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| Price: | $1.00
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| Conversion price: | $1.00
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| Warrants: | For 1.5 million shares
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| Warrant expiration: | March 3, 2008 for 750,000 shares; March 3, 2009 for 750,000 shares
|
| Warrant strike price: | $2.00 for 750,000 shares; $4.00 for 750,000 shares
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| Investors: | Barron Partners LP
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| Settlement date: | March 7
|
| Stock price: | $1.36 at close March 7
|
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