By Devika Patel
Knoxville, Tenn., May 30 - My Screen Mobile, Inc. said in an 8-K filed Friday with the Securities and Exchange Commission that it settled a $10 million private placement of stock on May 15.
The company sold 12.5 million common shares at $0.80 per share to Orascom Telecom Holdings, SAE.
Orascom also received warrants for 20 million shares, exercisable at $2.00 until May 23, 2012.
The company agreed to set aside $3 million of the proceeds to invest in technology, software and programming. My Screen plans to use the remainder of the proceeds for general corporate purposes and for working capital.
Based in Toronto, My Screen Mobile offers ads on mobile telephones.
| Issuer: | My Screen Mobile, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 12.5 million
|
| Price: | $0.80
|
| Warrants: | For 20 million shares
|
| Warrant expiration: | May 23, 2012
|
| Warrant strike price: | $2.00
|
| Investor: | Orascom Telecom Holdings, SAE
|
| Settlement date: | May 15
|
| Stock symbol: | Pink Sheets: MYSL
|
| Stock price: | $1.97 at close May 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
