Investor Air T also receives six-year warrants for 95,600 preferreds
By Devika Patel
Knoxville, Tenn., Oct. 5 – Delphax Technologies Inc. arranged a $1.05 million private placement of series B convertible preferred stock with Air T, Inc. on Oct. 2, according to an 8-K filed by the investor with the Securities and Exchange Commission.
The company will sell 43,000 preferreds. The preferreds do not pay dividends and may each be converted into 100 common shares.
Air T will also receive warrants for 95,600 series B preferred shares. The warrants are each exercisable at $33.4728 for six years.
Investor Air T also purchased a $500,000 12% 90-day senior subordinated promissory note from company subsidiary Delphax Technologies Canada Ltd. on Oct. 2. The note matures on Dec. 31, 2015. Air T will also acquire a $2.5 million 8.5% five-year senior subordinated promissory note from Delphax Technologies Canada Ltd. in exchange for cash and the cancellation of the Oct. 2 note and its unpaid interest.
Based in Minneapolis, Delphax makes digital print production systems.
Issuer: | Delphax Technologies Inc.
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Issue: | Series B convertible preferred stock
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Amount: | $1.05 million
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Preferreds: | 43,000
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Dividends: | 0%
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Conversion rate: | Into 100 shares (per preferred)
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Warrants: | For 95,600 preferreds
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Warrant expiration: | Six years
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Warrant strike price: | $33.4728
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Investor: | Air T, Inc.
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Pricing date: | Oct. 2
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Stock symbol: | OTCBB: DLPX
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Stock price: | $0.11 at close Oct. 1
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Market capitalization: | $822,240
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