By Devika Patel
Knoxville, Tenn., March 7 - Magnitude Information Systems, Inc. completed a $1.5 million private placement of stock and warrants with eight investors, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 50 million common shares at $0.02 per share and 50 million warrants at $0.01 apiece on Friday. The warrants are exercisable at $0.05 for five years.
Magnitude is an ergonomic productivity software company based in Branchburg, N.J.
Issuer Magnitude Information Systems, Inc.
| Issue: | Common shares, warrants
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| Amount: | $1.5 million
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| Settlement date: | March 7
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| Stock symbol: | OTCBB: MAGY
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| Stock price: | $0.014 at close March 6
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| Shares
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| Amount: | $1 million
|
| Shares: | 50 million
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| Price: | $0.02
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| Warrants
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| Amount: | $500,000
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| Warrants: | 50 million
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| Price: | $0.01
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.05
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