By Sheri Kasprzak
New York, Dec. 19 - iCurie, Inc. said it concluded a private placement of series B convertible preferred stock for $3,063,402.
The company issued 3,063,402 shares of the preferreds at $1.00 each along with warrants for 1,531,700 shares.
The preferreds are convertible into common shares on a one-for-one basis. At iCurie's option, the preferreds may be converted if all holders of its series A preferreds convert their preferred shares and the company closes a $15 million equity-based financing at three times the conversion price of the series B preferreds.
Half of the warrants are exercisable at $1.50 each and the other half at $3.00 each.
Indigo Securities LLC and Bridgehead Group Ltd. were the placement agents.
Based in Miami, iCurie produces cooling devices based on nano-thermofluid technologies.
| Issuer: | iCurie, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $3,063,402
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| Shares: | 3,063,402
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| Price: | $1.00
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| Conversion ratio: | Into common shares on a one-for-one basis
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| Warrants: | For 1,531,700 shares
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| Warrant strike price: | Half at $1.50; half at $3.00
|
| Placement agents: | Indigo Securities LLC, Bridgehead Group Ltd.
|
| Settlement date: | Dec. 16
|
| Stock price: | $1.30 at close Dec. 16
|
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