By Devika Patel
Knoxville, Tenn., May 7 - DigitalPost Interactive Inc. arranged a private placement of units to raise up to $1.8 million, according to an 8-K filed Friday with the Securities and Exchange Commission. It had already raised $670,525 by May 3.
The company is selling between 1 million and 18 million units of four common shares and two warrants at $0.10 per unit. It sold 6,705,250 units in the initial closing.
Each whole warrant expires in five years, with the series A warrants exercisable at $0.05 and the series B warrants exercisable at $0.10.
DigitalPost is a digital media-sharing and social-networking company based in Irvine, Calif.
| Issuer: | DigitalPost Interactive Inc.
|
| Issue: | Units of four common shares and two warrants
|
| Amount: | $100,000 (minimum), $1.8 million (maximum)
|
| Units: | 1 million (minimum), 18 million (maximum)
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.05 (series A), $0.10 (series B)
|
| Announcement date: | May 7
|
| Settlement date: | May 3 (for $670,525)
|
| Stock symbol: | OTCBB: DGLP
|
| Stock price: | $0.057 at close May 7
|
| Market capitalization: | $5.17 million
|
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