Company sells 13.45 million shares at $0.12 each to accelerate growth
By Toni Weeks
San Diego, July 9 - IceWEB, Inc. said it settled a $1.61 million private placement of stock and warrants. Meyers Associates, LLC was the placement agent.
The company sold about 13.45 million shares at $0.12 each, which represents a 1.67% premium to the closing share price of C$0.118 on July 6.
The company also issued warrants for 13.45 million shares. Each warrant is exercisable at $0.15 per share. The strike price is a 27.12% premium to the July 6 closing share price. The five-year warrants are callable if the stock trades above $0.25 for 10 straight trading days.
"This latest raise provides the capital needed to accelerate the company's growth in its current business plan, specifically in the areas of sales and additional product development," chairman and interim chief executive officer Hal Compton, Sr. said in a press release.
"Our products continue to improve, driving increased market demand from mid-enterprise organizations that realize the value of our unified data storage systems," he added.
"Recent developments further strengthening the market position of our award-winning products include the latest update of our IceSTORM operating system, our partnership with Rackspace for seamless cloud storage integration and Microsoft Active Directory integration. Continuous third-party market validation, strategic partnerships and customer wins affirms the company's strength in a market that is itself growing at astounding rates."
The Sterling, Va., company manufactures unified data storage for virtual and cloud environments.
| Issuer: | IceWEB, Inc.
|
| Issue: | Common shares
|
| Amount: | $1,614,000
|
| Shares: | 13.45 million (approximate)
|
| Price: | $0.12
|
| Warrants: | For 13.45 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Agent: | Meyers Associates, LLC
|
| Settlement date: | July 9
|
| Stock symbol: | OTCBB: IWEB
|
| Stock price: | $0.118 at close July 6
|
| Market capitalization: | $20.24 million
|
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