Palladium Capital acts as placement agent, paid $210,000 plus warrants
New York, Feb. 13 - Document Security Systems, Inc. concluded a $3 million private placement of investment units, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 30 units at a price of $100,000 per unit. Each unit is made up of 32,258 shares and a five-year warrant to buy up to 16,129 shares at a price of $3.10 per share.
The strike price is a 37.88% discount to $4.99, the closing share price on Feb. 13.
In total, Document Security sold 967,740 shares and warrants for a further 483,870 shares.
Palladium Capital Advisors, LLC was the placement agent and received a fee of $210,000 plus a five-year warrant to buy 58,064 at $3.10 per share. Palladium will also receive 3% of any funds raised from the exercise of warrants by investors.
Document Security is a Rochester, N.Y., developer of security systems to protect documents from unauthorized scanning, copying, and digital imaging.
| Issuer: | Document Security Systems, Inc.
|
| Issue: | Investment units
|
| Amount: | $3 million
|
| Units: | 30
|
| Price: | $100,000 per unit
|
| Shares: | 32,258 per unit, 967,740 in total
|
| Warrants: | 16,129 per unit, 483,870 in total
|
| Warrant strike price: | $3.10
|
| Warrant expiration: | Five years
|
| Placement agent: | Palladium Capital Advisors, LLC
|
| Settlement date: | Feb. 13
|
| Stock symbol: | NYSE Amex: DSS
|
| Stock price: | $4.99 at close Feb. 13
|
| Market capitalization: | $97.55 million
|
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