By Sheri Kasprzak
New York, Aug. 23 - iMedia International, Inc. has completed another round of its unit financing for $4.92 million.
The company sold 4,920 units at $1,000 each to 36 accredited investors, including 14 institutions.
The units include one series B convertible preferred share and warrants for up to 3,000 common shares.
Each preferred is initially convertible into 2,500 common shares and pays annual dividends at 6%.
Each warrant is exercisable for one common share at $0.60 each for five years.
Atlas Capital was the placement agent.
The proceeds will be used for working capital and general corporate purposes.
iMedia, based in Santa Monica, Calif., produces CD-ROMs and DVDs for marketing campaigns.
| Issuer: | iMedia International, Inc.
|
| Issue: | Units of one series B convertible preferred share and 3,000 warrants
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| Amount: | $4.92 million
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| Units: | 4,920
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| Price: | $1,000
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| Dividends: | 6%
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| Conversion ratio: | Each preferred into 2,500 common shares
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| Warrants: | For 3,000 shares per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.60
|
| Placement agent: | Atlas Capital
|
| Settlement date: | Aug. 23
|
| Stock price: | $0.52 at close Aug. 22
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