By Sheri Kasprzak
New York, Oct. 5 - Nanopierce Technologies, Inc. said it raised $1.5 million from a private placement of convertible preferred stock and is arranging another convertible preferred offering.
The company sold 200,000 shares of series A convertible preferred stock at $7.50 each to Arizcan Properties, Ltd.
The 8% preferreds are convertible into 60% of the company's outstanding, post-split common shares. As of Oct. 3, the company had 133,059,033 outstanding common shares.
The terms of the second offering have not yet been determined, but the deal is set to close during fiscal year 2006. The proceeds will be used to support operations.
Based in Denver, Nanopierce is a biotechnology company.
| Issuer: | Nanopierce Technologies, Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1.5 million
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| Shares: | 200,000
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| Price: | $7.50
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| Dividends: | 8%
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| Conversion ratio: | Into 60% of the company's outstanding common shares
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| Warrants: | No
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| Investor: | Arizcan Properties Ltd.
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| Settlement date: | Sept. 26
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| Stock price: | $0.09 at close Sept. 26
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