By Devika Patel
Knoxville, Tenn., July 28 - American TonerServ Corp. completed a $1.18 million private placement of a new series D convertible preferred stock on July 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 4.7 million preferreds at $0.25 apiece. Some of the preferreds were issued in exchange for debt cancellation, with the remainder sold for cash.
The preferreds pay cumulative cash dividends of $0.02 per annum on a quarterly basis.
During the first year, each preferred may be converted into two common shares at an initial conversion price of $0.125 per share. After one year, each preferred may be converted into one common share at an initial conversion price of $0.25 per share.
Based in Santa Rosa, Calif., American TonerServ redistributes printer toner cartridges.
| Issuer: | American TonerServ Corp.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $1,175,000
|
| Preferreds: | 4.7 million
|
| Price: | $0.25
|
| Dividends: | $0.02 per annum (8%)
|
| Conversion price: | $0.125 (for the first year), $0.25 (after the first year)
|
| Conversion ratio: | Into two common shares (for the first year), into one common share (after the first year)
|
| Warrants: | No
|
| Settlement date: | July 22
|
| Stock symbol: | OTCBB: ASVP
|
| Stock price: | $0.15 at close July 22
|
| Market capitalization: | $14 million
|
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