By Sheri Kasprzak
New York, May 9 - Fusion Telecommunications International, Inc. settled the final tranche of its previously announced private placement for $3.375 million, bringing the total proceeds to $7.25 million.
The company issued convertible preferred stock in the offering to a group of investors that included the company's chief executive officer, chairman, treasurer and several members of the board and executive management.
The offering is in addition to the $3.875 million placement closed in December.
The 8% preferreds are convertible into common shares at $0.83 each, a 20% premium to the company's average price for the three trading days before closing.
Investors also received warrants for half of the shares issuable upon conversion. The warrants are exercisable at $0.83 each.
New York-based Fusion provides internet protocol-based services to corporations, consumers and carriers.
| Issuer: | Fusion Telecommunications International, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $3.375 million
|
| Dividends: | 8%
|
| Conversion price: | $0.83
|
| Warrants: | For half of the shares issuable upon conversion
|
| Warrant strike price: | $0.83
|
| Settlement date: | May 9
|
| Stock symbol: | Amex: FSN
|
| Stock price: | $0.75 at close May 9
|
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