By Devika Patel
Knoxville, Tenn., March 30 - Image Metrics, Inc. completed a $925,000 tranche of a private placement of units on Friday, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company raised $8 million on March 11.
The company sold 8 million units of one series A convertible preferred share and a half-share warrant at $1.00 per unit in the first tranche. It sold 925,000 units in the second tranche.
Each warrant is exercisable at $1.50 through March 26, 2014.
Each preferred is convertible into one share of common stock.
Proceeds will be used to accelerate the company's sales and marketing and product development efforts as well as for working capital and general corporate purposes, including possible acquisitions.
Based in Santa Monica, Calif., Image Metrics provides facial animation software and services to the interactive entertainment and film industries.
| Issuer: | Image Metrics, Inc.
|
| Issue: | Units of one series A convertible preferred share and a half-share warrant
|
| Amount: | $8,925,000
|
| Units: | 8,925,000
|
| Price: | $1.00
|
| Conversion ratio: | One common share per preferred
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | $1.50
|
| Warrant expiration: | March 26, 2014
|
| Settlement dates: | March 11 (for $8 million), March 26 (for $925,000)
|
| Stock symbol: | OTCBB: IMGX
|
| Stock price: | $1.53 at close March 15
|
| Market capitalization: | $26.95 million
|
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