By Sheri Kasprzak
New York, Dec. 15 - Fusion Telecommunications International, Inc. concluded a private placement of series A-1 cumulative convertible preferred stock for $3.875 million.
The company sold 3,875 shares of 8% preferred stock to a group of investors that includes the company's chairman, chief executive officer and nine members of the board of directors.
The preferreds are convertible into common shares at $1.67 each, a 20% premium to the company's stock price over the past three trading days.
The investors also received warrants for 1,160,179 shares, exercisable at $1.67 each through June 13, 2014
Proceeds will be used for sales, marketing, working capital and general corporate purposes.
Based in New York, Fusion is a voice-over-internet protocol provider.
| Issuer: | Fusion Telecommunications International, Inc.
|
| Issue: | Series A-1 cumulative convertible preferred stock
|
| Amount: | $3.875 million
|
| Shares: | 3,875
|
| Price: | $1,000
|
| Dividends: | 8%
|
| Conversion price: | $1.67
|
| Conversion ratio: | Into 2,320,359 shares
|
| Warrants: | For 1,160,179 shares
|
| Warrant expiration: | June 13, 2014
|
| Warrant strike price: | $1.67
|
| Settlement date: | Dec. 14
|
| Stock symbol: | Amex: FSN
|
| Stock price: | $1.53 at close Dec. 14
|
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