By Sheri Kasprzak
New York, Sept. 6 - Invisa, Inc. has completed a $1 million private placement of series B convertible preferred stock.
The company sold 10,000 shares of the preferreds at $100 each to Mercator Momentum Fund III, LP; Monarch Pointe Fund, Ltd.; and Asset Managers International, Ltd.
The preferreds are convertible into common shares at 80% of the market price at the time of conversion with a $0.12 floor and a $0.275 ceiling.
The preferreds pay annual dividends at the lowest of Prime rate plus 350 basis points or 9%, payable in either cash or stock.
The investors also received warrants for 2.5 million shares. The warrants are exercisable at $0.30 each through Aug. 31, 2010.
So far, the company has received $500,000 of the proceeds and will receive the remainder two days after a registration statement if filed.
Based in Sarasota, Fla., Invisa makes sensors used in parking garages.
| Issuer: | Invisa, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $1 million
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| Shares: | 10,000
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| Price: | $100
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| Dividends: | The lesser of Prime rate plus 350 basis points or 9%
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| Conversion price: | 80% of the then-current market price; $0.12 floor, $0.275 ceiling
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| Warrants: | For 2.5 million shares
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| Warrant expiration: | Aug. 31, 2010
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| Warrant strike price: | $0.30
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| Investors: | Mercator Momentum Fund III, LP; Monarch Pointe Fund, Ltd.; and Asset Managers International, Ltd.
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| Settlement date: | Aug. 31
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| Stock price: | $0.26 at close Aug. 31
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