New York, June 30 - Edgewater Foods International, Inc. closed a second round of its recent PIPE deal, raising a further $1.55 million.
The company issued 2,066,667 shares of series A convertible preferred stock at $0.75 each.
The preferreds are convertible into common shares at $0.75 each.
The investor received series A, B, C and D warrants equal to 50% of the number of shares issued for a total of 4 million shares. The warrants are exercisable for five years. The A warrants are exercisable at $1.15 each; the B warrants at $1.35 each; the C warrants at $1.85 each; and the D warrants at $2.25 each.
In total, 4,133,336 warrants were issued.
Edgewater sold 2 million shares of series A convertible preferred stock at $0.75 each in the first closing on May 30.
The investors in the offering was originally required to buy an additional $2.4 million in preferreds before June 30 but Edgewater has now agreed that the remainder can be sold in further closings up to July 7.
Based in Gaithersburg, Md., Edgewater is an aquaculture and marine hatchery operator.
| Issuer: | Edgewater Foods International, Inc.
|
| Issue: | Series A convertible preferreds
|
| Amount: | $1.55 million
|
| Shares: | 2,066,667
|
| Price: | $0.75
|
| Conversion price: | $0.75
|
| Warrants: | For 4 million shares in series A through D
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.15 for series A; $1.35 for series B; $1.85 for series C; and $2.25 for series D
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: EDWT
|
| Stock price: | $1.35 at close June 30
|
|
|
© 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.
