Series B preferreds sold with warrants for 501,000 common shares
By Devika Patel
Knoxville, Tenn., Jan. 17 - InterMetro Communications, Inc. settled a $501,000 private placement of series B preferred stock on Jan. 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 501,000 preferreds at $1.00 apiece.
The preferreds may be converted into common stock at a rate of 6.66 common shares per preferred.
Investors also received warrants for 501,000 common shares, which are each exercisable at $0.20. The strike price reflects a 300% premium to the Jan. 14 closing share price of $0.05.
InterMetro, based in Simi Valley, Calif., is a provider of voice over internet protocol network infrastructure.
| Issuer: | InterMetro Communications, Inc.
|
| Issue: | Series B preferred stock
|
| Amount: | $501,000
|
| Preferreds: | 501,000
|
| Price: | $1.00
|
| Conversion rate: | 6.66 common shares per preferred
|
| Warrants: | For 501,000 shares
|
| Warrant strike price: | $0.20
|
| Settlement date: | Jan. 15
|
| Stock symbol: | OTCBB: IMTO
|
| Stock price: | $0.05 at close Jan. 14
|
| Market capitalization: | $4.11 million
|
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