By Devika Patel
Knoxville, Tenn., Dec. 23 - DigitalFX International, Inc. took in $2 million in a private placement of its series A convertible preferred stock on Monday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The deal was completed with Richard Kall, the company's chairman of the board and chief executive officer, at $1.00 per preferred.
Kall also received a five-year warrant to purchase 1 million common shares at $1.00 per share.
Each 12% preferred is convertible into 5 common shares at a conversion price of $0.20 per share.
DigitalFX is a Las Vegas-based digital communications and social networking company.
| Issuer: | DigitalFX International, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 2 million
|
| Price: | $1.00
|
| Dividends: | 12%
|
| Conversion price: | $0.20
|
| Conversion ratio: | Into 5 common shares
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investor: | Richard Kall
|
| Settlement date: | Dec. 22
|
| Stock symbol: | Amex: DXN
|
| Stock price: | $0.14 at close Dec. 22
|
| Market capitalization: | $2.99 million
|
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