Deal sells series A convertible redeemable preferred stock, warrants
By Devika Patel
Knoxville, Tenn., Oct. 23 - Viscount Systems, Inc. completed a $100,000 private placement of series A convertible redeemable preferred stock on Oct. 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 100 preferreds at $1,000.00 per preferrred. The preferreds are convertible into 2 million common shares at $0.05 per share.
Investors also received warrants for 1 million shares. The warrants are each exercisable at $0.08 for five years.
The conversion price is a 28.57% discount to the Oct. 18 closing price of $0.07. The strike price is a 14.29% premium to that price.
Based in Burnaby, B.C., Viscount is a manufacturer, developer and service provider of access control security products.
| Issuer: | Viscount Systems, Inc.
|
| Issue: | Series A convertible redeemable preferred stock
|
| Amount: | $100,000
|
| Preferreds: | 100
|
| Price: | $1,000.00
|
| Conversion price: | $0.05
|
| Conversion ratio: | Into 2 million shares
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $0.08
|
| Settlement date: | Oct. 19
|
| Stock symbol: | OTCBB: VSYS
|
| Stock price: | $0.07 at close Oct. 18
|
| Market capitalization: | $4.22 million
|
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