By Sheri Kasprzak
New York, April 17 - EasyLink Services Corp. has completed a $5.4 million private placement of its shares.
The company issued 8,166,666 shares at $0.60 each to existing investors and 806,451 shares at $0.62 each to board members and other insiders.
Federal Partners, LP bought 4.1 million shares.
Proceeds will be used for repayment on the company's current $3 million loan from Wells Fargo/Foothill.
EasyLink, based in Piscataway, N.J., provides out-sourced business process automation services used in the insurance, shipping and invoicing sectors.
| Issuer: | EasyLink Services Corp.
|
| Issue: | Stock
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| Amount: | $5.4 million
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| Shares: | 8,973,117
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| Price: | $0.60 for 8,166,666 shares; $0.62 for 806,451 shares
|
| Warrants: | No
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| Investors: | Federal Partners, LP (for 4.1 million shares)
|
| Settlement date: | April 17
|
| Stock symbol: | Nasdaq: EASY
|
| Stock price: | $0.66 at close April 17
|
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