By Angela McDaniels
Tacoma, Wash., Nov. 5 - FNDS3000 Corp. agreed to sell $1.5 million of common stock and warrants to Sherington Holdings, LLC in a private placement and $300,000 of stock and warrants to additional investors, according to an 8-K filing with the Securities and Exchange Commission.
The company will sell 10 million shares to Sherington for $0.15 each. The investor will also receive two-year warrants to purchase 10 million shares at an exercise price of $0.175 per share.
The first tranche of the placement settled on Nov. 2. The company sold 3,333,333 shares and a warrant for 3,333,333 shares for $500,000.
In the second tranche, the company will sell 6,666,667 shares and a warrant for 6,666,667 shares on Nov. 30 for $1 million.
The closing of the second tranche is contingent on the company raising $300,000 through the sale of 1,714,286 shares to additional investors at a purchase price of $0.175 per share. The additional investors will also receive warrants to purchase 1,714,286 shares of common stock at a price of $0.175 per share.
FNDS3000 is a development-stage company engaged in the marketing and sale of debit cards. It is based in Ponte Vedra Beach, Fla.
| Issuer: | FNDS3000 Corp.
|
| Issue: | Common stock
|
| Stock symbol: | OTCBB: FDTC
|
| Stock price: | $0.42 at close Nov. 5
|
| Market capitalization: | $17.04 million
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|
|
| First placement
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| Amount: | $1.5 million
|
| Shares: | 10 million
|
| Price: | $0.15
|
| Warrants: | For 10 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.175
|
| Investor: | Sherington Holdings, LLC
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| Settlement date: | Nov. 2 (for $500,000); Nov. 30 (for $1 million)
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|
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| Second placement:
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| Amount: | $300,000
|
| Shares: | 1,714,286
|
| Price: | $0.175
|
| Warrants: | For 1,714,286 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.175
|
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