By Sheri Kasprzak
Atlanta, April 5 - Iceweb Inc. said it has completed a private placement for $1 million.
The company sold 1,666,667 shares of series A convertible preferred stock at $0.60 each to Barron Partners LP.
The preferreds do not pay dividends but are convertible into common shares at $0.0075 each.
Barron also received series A warrants for 160 million shares at $0.025 each, series B warrants for 100 million shares at $0.06 each and series C warrants for 100 million shares at $0.12 each. The warrants expire March 30, 2010.
Based in Herndon, Va., Iceweb creates and hosts online training programs. The proceeds from the offering will be used for working capital and acquisitions.
| Issuer: | Iceweb Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1 million
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| Shares: | 1,666,667
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| Price: | $0.60
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| Dividend: | 0%
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| Conversion price: | $0.0075
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| Warrants: | Series A warrants for 160 million shares, series B warrants for 100 million shares, series C warrants for 100 million shares
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| Warrant expiration: | March 30, 2010
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| Warrant strike price: | $0.025 for series A; $0.06 for series B and $0.12 for series C
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| Investors: | Barron Partners LP
|
| Settlement date: | March 30
|
| Stock price: | $0.02 at close March 30
|
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