By Sheri Kasprzak
New York, Dec. 2 - Intrusion Inc. said it has completed a private placement for $1,230,843.
The company issued 564,607 shares of series 3 convertible preferred stock at $2.18 each.
The 5% preferreds are convertible on a one-for-one basis for common shares at $2.18 each. The conversion price is equal to 85% of the average of the closing bid price per share for the five trading days ended Nov. 30.
The investors will receive warrants for 282,306 shares, exercisable at $2.58 each for five years beginning June 2, 2006.
Intrusion, based in Richardson, Texas, develops entity identification systems, data privacy protection products and network intrusion prevention and detection products.
| Issuer: | Intrusion Inc.
|
| Issue: | Series 3 convertible preferred stock
|
| Amount: | $1,230,843
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| Shares: | 564,607
|
| Price: | $2.18
|
| Dividends: | 5%
|
| Conversion price: | $2.18
|
| Conversion ratio: | One common share per preferred
|
| Warrants: | For 282,306 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.58
|
| Settlement date: | Dec. 2
|
| Stock price: | $2.59 at close Dec. 2
|
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