Published on 10/26/2006 in the Prospect News PIPE Daily.
New Issue: Dolce Ventures wraps $2.4 million sale of convertible preferreds
By Sheri Kasprzak
New York, Oct. 26 - Dolce Ventures, Inc. settled a $2,404,800 private placement of series B convertible preferred stock with Vision Opportunity Master Fund, Ltd.; Nite Capital LP; and Ijaz Malik.
The company issued 877,664 shares of the preferred stock at $2.74 each.
The preferreds are convertible into common shares on a one-for-one basis after a 304.44-for-one reverse stock split.
The investors will also receive series A warrants for 877,667 shares, exercisable at $3.84 each; series B warrants for 438,832 shares, exercisable at $5.48 each; series J warrants for 798,937 shares, exercisable at $3.01 each; series C warrants for 798,937 shares, exercisable at $4.22 each; and series D warrants for 399,468 shares, exercisable at $6.03 each. The A, B, C and D warrants expire in five years and the J warrants expire in one year.
Terms were the same as on the $6,876,802 placement completed on Sept. 7.
Dolce is based in Syracuse, N.Y., and owns and manages public payphones.
| Issuer: | Dolce Ventures, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $2,404,800
|
| Shares: | 877,664
|
| Price: | $2.74
|
| Conversion ratio: | On a one-for-one basis, after 304.44-for-one reverse stock split
|
| Warrants: | Series A for 877,667 shares; series B for 438,832 shares; series J for 798,937 shares; series C for 798,937 shares; series D for 399,468 shares
|
| Warrant expiration: | Five years for series A, B, C and D; one year for series J
|
| Warrant strike price: | $3.84 for series A; $5.48 for series B; $3.01 for series J; $4.22 for series C; $6.03 for series D
|
| Investors: | Vision Opportunity Master Fund, Ltd.; Nite Capital LP; Ijaz Malik
|
| Settlement date: | Oct. 20
|
| Stock symbol: | OTCBB: DLCV
|
| Stock price: | $0.0115 at close Oct. 20
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
