By Sheri Kasprzak
New York, Jan. 17 - Edgewater Foods International, Inc. settled a private placement of series B convertible preferred stock for $2.07 million.
The investors purchased 207 shares of the preferreds at $10,000 each.
Each preferred is convertible into 8,696 common shares at $1.15 each.
The investors also received series A, B, C, D, E, F and J warrants equal to 50% of the shares issuable upon conversion.
The series A warrants are exercisable at $1.41 each for six years; series B warrants at $2.30 for six years; series C warrants are exercisable at $2.60 for six years; series D warrants at $1.56 each for six years; series E are exercisable at $2.45 each for six years; series F warrants are exercisable at $2.75 each for six years; and series J are exercisable at $1.30 each for one year.
Proceeds will be used for the expansion of the company's operations into Morocco. The remainder will be used for working capital and general corporate purposes.
Based in Gaithersburg, Md., Edgewater is an aquaculture and marine hatchery.
| Issuer: | Edgewater Foods International, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $2.07 million
|
| Shares: | 207
|
| Price: | $10,000
|
| Conversion ratio: | 8,696 common shares per preferred
|
| Conversion price: | $1.15
|
| Warrants: | Series A, B, C, D, E, F and J for 50% of the shares issuable upon conversion
|
| Warrant expiration: | Six years for A, B, C, D, E and F; one year for series J
|
| Warrant strike price: | $1.41 for series A; $2.30 for series B; $2.60 for series C; $1.56 for series D; $2.45 for series E; $2.75 for series F; and $1.30 for series J
|
| Settlement date: | Jan. 16
|
| Stock symbol: | OTCBB: EDWT
|
| Stock price: | $1.40 at close Jan. 16
|
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