By Sheri Kasprzak
New York, March 3 - Lounsberry Holdings II, Inc. said it has concluded a $2.2 million private placement of convertible preferred stock.
Barron Partners LP bought 7,719,250 shares of series A convertible preferreds at $0.285 each.
The preferreds are convertible into a total of 7,719,250 shares.
The investor received warrants for 11.22 million shares exercisable for five years. Half of the warrants have a strike price of $0.57 each and the other half $0.855 each.
The placement was conducted as part of Lounsberry's acquisition of Ranor, Inc. Under the terms of the acquisition, Lounsberry purchased all of Ranor's outstanding stock for $9.25 million.
Based in Ridgefield, Conn., Lounsberry Holdings does not currently have any operations.
| Issuer: | Lounsberry Holdings II, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2.2 million
|
| Shares: | 7,719,250
|
| Price: | $0.285
|
| Conversion ratio: | Into 7,719,250 shares
|
| Warrants: | For 11.22 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.57 for half, $0.855 for half
|
| Investor: | Barron Partners LP
|
| Settlement date: | Feb. 24
|
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