By Sheri Kasprzak
New York, Feb. 1 - FreeStar Technology Corp. said it has entered into an agreement for a $9.2 million private placement.
A European finance group, led by Swedish financier Soren Moberg, agreed to buy 46 million shares at $0.20 each.
The investors shall also receive warrants for 14 million shares, exercisable at $1.50 each for two years and warrants for 36 million shares at strike prices ranging from $2.50 to $8.50 each.
The company will receive $4.6 million of the proceeds in seven days and the rest within four months.
C20 Investments was the placement agent.
Dublin, Ireland-based FreeStar develops payment-processing technologies.
| Issuer: | FreeStar Technology Corp.
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| Issue: | Stock
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| Amount: | $9.2 million
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| Shares: | 46 million
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| Price: | $0.20
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| Warrants: | For 50 million shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $1.50 for 14 million shares; from $2.50 to $8.50 for 36 million shares
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| Investor: | Soren Moberg (lead)
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| Placement agent: | C20 Investments
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| Announcement date: | Feb. 1
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| Stock symbol: | OTCBB: FSRT
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| Stock price: | $1.15 at close Jan. 31
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