ICOA raises $2.19 million in private placement of convertible debenture

By Sheri Kasprzak

New York, Nov. 7 - ICOA, Inc. said it completed a private placement with Cornell Capital Partners, LP for $2.19 million.

Cornell bought a two-year debenture, which encompasses a new $400,000 growth capital investment and consolidates all pre-existing commitments from Cornell.

The full details of the offering were unavailable by press time Monday night.

In connection with the offering, ICOA has terminated the $5 million standby equity distribution agreement it entered into with Cornell in March 2004.

Based in Warwick, R.I., ICOA provides neutral-host wireless and wired broadband internet networks for high-traffic public locations, such as universities and restaurants.

The company's stock gained $0.004 on Monday to close at $0.042.

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