By Devika Patel
Knoxville, Tenn., March 13 - Diligent Board Member Services, Inc. completed a $3 million private placement of 11% series A convertible preferred stock on March 11, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced Feb. 13.
The company sold 20 million preferreds Spring Street Partners, LP and 10 million preferreds to Carroll Capital Holdings, LLC at $0.10 apiece.
They are convertible into common shares on a one-for-one basis.
New York's Diligent provides worldwide online management of corporate governance documents (Boardbooks) to corporate clients.
| Issuer: | Diligent Board Member Services, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $3 million
|
| Shares: | 30 million
|
| Price: | $0.10
|
| Dividends: | 11%
|
| Conversion price: | $0.10
|
| Conversion ratio: | Into 30 million common shares
|
| Warrants: | No
|
| Investors: | Spring Street Partners, LP (for $2 million) and Carroll Capital Holdings, LLC (for $1 million)
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 11
|
| Stock symbol: | New Zealand: DIL
|
| Stock price: | NZ$0.06 at close Feb. 13
|
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