Securities are accompanied by warrants for 10 million common shares
By Devika Patel
Knoxville, Tenn., March 18 - Infusion Brands International, Inc. completed a private placement of its series G convertible preferred stock, according to an 8-K filed Friday with the Securities and Exchange Commission. The $1 million deal settled March 15.
The company sold 1 million preferreds at $1.00 apiece. The 8% preferreds convert into common stock at an initial conversion price of $0.10 per share.
The preferreds have a mandatory redemption date of June 30, 2013.
The single investor also received warrants for 10 million common shares, which are exercisable at $0.10 for 10 years.
The conversion price of the preferreds and the strike price of the warrants reflect a 400% premium to the March 14 closing share price.
Infusion Brands, based in Clearwater, Fla., is a consumer products company.
| Issuer: | Infusion Brands International, Inc.
|
| Issue: | Series G convertible preferred stock
|
| Amount: | $1 million
|
| Shares: | 1 million
|
| Price: | $1.00
|
| Dividends: | 8%
|
| Conversion price: | $0.10
|
| Mandatory call: | On June 30, 2013
|
| Warrants: | For 10 million shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.10
|
| Settlement date: | March 15
|
| Stock symbol: | Pink Sheets: INBI
|
| Stock price: | $0.02 at close March 15
|
| Market capitalization: | $1.68 million
|
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