By Sheri Kasprzak
New York, Jan. 8 - New World Brands, Inc. completed a $3 million private placement of series A convertible preferred stock.
The company issued 11.160454 shares of the preferred stock at $268,806 each.
The preferreds are convertible into a total of 33,333,333 common shares at $0.09 each.
The investors, P&S Spirit, LLC and M. David and Noah Kamrat, received warrants for 9.300878 series A preferreds.
Headquartered in Eugene, Ore., New World is an internet protocol communications company.
| Issuer: | New World Brands, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $3 million
|
| Shares: | 11.160454
|
| Price: | $268,806
|
| Conversion price: | $0.09
|
| Conversion ratio: | Into 33,333,333 common shares
|
| Warrants: | For 9.300878 series A preferreds
|
| Investors: | P&S Spirit, LLC; M. David Kamrat; Noah Kamrat
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTCBB: NWBD
|
| Stock price: | $0.09 at close Dec. 29
|
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