Securities are accompanied by warrants for 20 million common shares
By Devika Patel
Knoxville, Tenn., April 12 - Infusion Brands International, Inc. completed a $2 million private placement of its series G convertible preferred stock on April 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 2 million preferreds at $1.00 apiece. The 8% preferreds convert into common stock at an initial conversion price of $0.10 per share. The conversion price reflects a 400% premium to the closing share price of $0.02 on April 5.
The preferreds have a mandatory redemption date of June 30, 2013, at which time they will be redeemed at $1.00 apiece.
The investor also received warrants for 20 million common shares, exercisable at $0.10 for 10 years. The strike price also reflects a 400% premium to the April 5 closing share price.
Infusion Brands, based in Clearwater, Fla., is a global consumer products company.
| Issuer: | Infusion Brands International, Inc.
|
| Issue: | Series G convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 2 million
|
| Price: | $1.00
|
| Dividends: | 8%
|
| Conversion price: | $0.10
|
| Call: | On June 30, 2013
|
| Warrants: | For 20 million shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.10
|
| Settlement date: | April 6
|
| Stock symbol: | Pink Sheets: INBI
|
| Stock price: | $0.02 at close April 6
|
| Market capitalization: | $3.02 million
|
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