By Sheri Kasprzak
New York, Aug. 3 - Interactive Systems Worldwide Inc. said it has closed a private placement of series C convertible preferred stock for $4 million.
The preferreds were sold to new and existing institutional investors.
The preferreds are convertible into a total of 1,066,667 common shares at $3.75 each and pay annual dividends at 6%.
The investors also received warrants for 557,103 shares, exercisable at $3.95 each for five years.
Based in West Paterson, N.J., Interactive Systems develops interactive sports gambling systems.
| Issuer: | Interactive Systems Worldwide Inc.
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| Issue: | Series C convertible preferred stock
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| Amount: | $4 million
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| Conversion price: | $3.75
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| Conversion ratio: | Into a total of 1,066,667 common shares
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| Dividends: | 6%
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| Warrants: | For 577,103 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.95
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| Announcement date: | Aug. 3
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| Stock price: | $3.50 at close Aug. 3
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