By Sheri Kasprzak
Atlanta, Dec. 10 - International Card Establishment Inc. said Friday it has received $3.2 million in a private placement of preferred stock.
Mercator Momentum Fund LP, Mercator Momentum Fund III LP, Robinson Reed Inc. and Mercator Advisory Group LLC bought 32,000 shares of series A preferred stock at $100 per share on Dec. 6.
The preferreds are convertible into common shares at $0.47 each.
The investors also received 8,010,012 warrants to buy an additional share at $0.47 each for half of the warrants and $0.75 per share for the other half.
J.P. Turner & Co. LLC was the placement agent in the offering.
International Card Establishment is a credit card servicing and leasing company based in Oxnard, Calif.
| Issuer: | International Card Establishment Inc.
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| Issue: | Series A preferred stock
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| Amount: | $3.2 million
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| Shares: | 32,000
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| Price: | $100
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| Conversion price: | $0.47
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| Warrants: | For 8,010,012 shares
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| Warrant strike price: | $0.47 for half of the warrants; $0.75 for half of the warrants
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| Placement agent: | J.P. Turner & Co. LLC
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| Investors: | Mercator Momentum Fund LP, Mercator Momentum Fund III LP, Robinson Reed Inc., Mercator Advisory Group LLC
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| Settlement date: | Dec. 6
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| Stock price: | $0.47 at close Dec. 6
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| Stock price: | $0.51 at close Dec. 10
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