By Laura Lutz
Des Moines, Dec. 19 - Drinks Americas Holdings, Ltd. completed a private placement of convertible preferred stock for $3 million, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 3,000 shares of series A non-voting perpetual preferred stock to three investors for $1,000 per preferred share. The preferreds are convertible into common stock at $0.50 per common share.
The preferred stock will not bear any dividends.
Midtown Partners &Co., LLC was the agent.
Investors in a January 2007 private placement also exchanged 4,444,444 common shares for 8,000 preferred shares.
Drinks America is a beverage developer based in Wilton, Conn.
| Issuer: | Drinks Americas Holdings, Ltd.
|
| Issue: | Convertible preferred stock
|
| Amount: | $3 million
|
| Preferred shares: | 3,000
|
| Dividends: | None
|
| Price: | $1,000
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Agent: | Midtown Partners & Co., LLC
|
| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: DKAM
|
| Stock price: | $0.34 at close Dec. 18
|
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