By Sheri Kasprzak
Atlanta, June 20 - Focus Enhancements Inc. said it has received agreements for a private placement of up to $1.7 million.
The company will sell up to 2.4 million shares at $0.70 each, a discount of 2% to the average five-day closing stock price ending June 16, to new and existing investors.
The investors will also receive warrants for up to 795,000 shares, exercisable at $0.70 each.
Focus will also receive a $2.5 million term loan from Carl Berg, a director of the company. The loan is interest only until its 18-month maturity.
For the loan, Berg will receive warrants for 100,000 shares.
Additional details about the term loan could not be determined by press time Monday.
The proceeds from the private placement and the term loan will be used for general corporate purposes, including the expansion of Focus' FireStorm products and the development of its Ultra Wideband technology.
Based in Campbell, Calif., Focus is a digital video conversion and video production equipment company.
Issuer: | Focus Enhancements Inc.
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Issue: | Stock
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Amount: | $1.7 million (maximum)
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Shares: | 2.4 million (maximum)
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Price: | $0.70
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Warrants: | For up to 795,000 shares
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Warrant strike price: | $0.70
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Announcement date: | June 20
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Stock price: | $0.68 at close June 17
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