By Devika Patel
Knoxville, Tenn., June 1 - Iceweb Inc. said it completed a $2.5 million private placement of stock.
The company sold approximately 12.5 million restricted common shares at $0.20 per share.
Investors also received warrants for approximately 6.25 million shares, which are exercisable at $0.40 for one year. The warrants are callable should the stock trade above $0.50 for 10 straight trading days.
Jesup & Lamont was the agent.
Based in Herndon, Va., Iceweb creates and hosts online training programs.
| Issuer: | Iceweb Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $2.5 million
|
| Shares: | 12.5 million (approximate)
|
| Price: | $0.20
|
| Warrants: | For approximately 6.25 million shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.40
|
| Agent: | Jesup & Lamont
|
| Settlement date: | June 1
|
| Stock symbol: | OTCBB: IWEB
|
| Stock price: | $0.20 at close May 28
|
| Market capitalization: | $18 million
|
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