By Sheri Kasprzak
New York, Feb. 24 - Narrowstep Inc. said it has finished a private placement for $7.4 million.
The company issued 12,333,333 shares at $0.60 each to 10 accredited investors.
The investors will receive warrants for 12,333,333 shares for five years. Half of the warrants are exercisable at $0.60 each and the other at $1.20 each.
At closing, the company received $5.84 million and will receive the rest before March 7.
Based in London, Narrowstep provides internet-based video content.
| Issuer: | Narrowstep Inc.
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| Issue: | Stock
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| Amount: | $7.4 million
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| Shares: | 12,333,333
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| Price: | $0.60
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| Warrants: | For 12,333,332 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.60 for half, $1.20 for half
|
| Settlement date: | Feb. 22
|
| Stock symbol: | OTCBB: NRWS
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| Stock price: | $1.48 at close Feb. 22
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