By Sheri Kasprzak
New York, March 23 - Fibernet Telecom Group, Inc. said it plans to settle a $2,205,000 private placement.
The company will issued 1.05 million shares at $2.10 each.
The investors will also receive warrants for 310,000 shares, exercisable at $2.64 each for three and a half years.
Burnham Hill Partners was the placement agent.
Connected to the offering, Fibernet has received an extension on the maturity of a credit agreement with FiberNet Operations, Inc. and Devnet LLC to March 7, 2008 from Feb. 9, 2007.
Based in New York, Fibernet provides broadband connectivity to telecommunications providers.
| Issuer: | Fibernet Telecom Group, Inc.
|
| Issue: | Stock
|
| Amount: | $2,205,000
|
| Shares: | 1.05 million
|
| Price: | $2.10
|
| Warrants: | For 310,000 shares
|
| Warrant expiration: | Three and a half years
|
| Warrant strike price: | $2.64
|
| Placement agent: | Burnham Hill Partners
|
| Settlement date: | March 22
|
| Stock symbol: | Nasdaq: FTGX
|
| Stock price: | $2.63 at close March 22
|
| Stock price: | $2.71 at close March 23
|
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