By Devika Patel
Knoxville, Tenn., July 29 - Iceweb Inc. announced it has arranged a $3 million private placement of series C preferred shares.
An investor committed to buy the preferreds from time to time with two-year warrants for a number of shares equal to 135% of the purchase price of the preferreds.
The 10% preferreds are redeemable after five years.
Proceeds will be used to fund operations and as working capital.
Based in Herndon, Va., Iceweb creates and hosts online training programs.
| Issuer: | Iceweb Inc.
|
| Issue: | Series C preferred stock
|
| Amount: | $3 million
|
| Dividends: | 10%
|
| Warrants: | Yes
|
| Warrant expiration: | Two years
|
| Pricing date: | July 29
|
| Stock symbol: | OTCBB: IWEB
|
| Stock price: | $0.07 at close July 28
|
| Market capitalization: | $3.11 million
|
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