By Sheri Kasprzak
Atlanta, March 14 - Games Inc. said it has wrapped a private placement of series A convertible preferred stock for $2,048,600.
The company sold 20,486 shares of the preferreds at $100 each to accredited investors.
The preferreds are convertible into a total of 244 shares each at $0.41 per share.
Each preferred also carries a warrant for 244 additional shares at $0.80 each for three years.
Based in Cincinnati, Games is an online gaming development company.
| Issuer: | Games Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2,048,600
|
| Shares: | 20,486
|
| Price: | $100
|
| Conversion price: | 0.41
|
| Conversion ratio: | Into 244 common shares each
|
| Warrants: | For 244 shares for each preferred
|
| Warrant expiration: | Three year
|
| Warrant strike price: | $0.80
|
| Settlement date: | March 10
|
| Stock price: | $0.63 at close March 10
|
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