Securities are accompanied by warrants for 10 million common shares
By Devika Patel
Knoxville, Tenn., Sept. 8 - Infusion Brands International, Inc. completed a $1 million private placement of its series G convertible preferred stock on Sept. 1, according to an 8-K filed Thursday with the Securities and Exchange Commission.
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 conversion price reflects a 400% premium to the closing share price of $0.02 on Aug. 31.
The preferreds have a mandatory redemption date of June 30, 2013.
The single investor also received warrants for 10 million common shares, exercisable at $0.10 for 10 years. The strike price also reflects a 400% premium to the Aug. 31 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: | $1 million
|
Shares: | 1 million
|
Price: | $1.00
|
Dividends: | 8%
|
Conversion price: | $0.10
|
Call: | On June 30, 2013
|
Warrants: | For 10 million shares
|
Warrant expiration: | 10 years
|
Warrant strike price: | $0.10
|
Settlement date: | Sept. 1
|
Stock symbol: | Pink Sheets: INBI
|
Stock price: | $0.02 at close Sept. 1
|
Market capitalization: | $2.72 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.