By Sheri Kasprzak
New York, June 6 - New World Brands, Inc. concluded a private placement of series A convertible preferred stock in two tranches for $4 million.
In the first tranche, the company issued 11.160454 shares of the preferreds at $268,806.27 each and in the second, issued 3.720151 shares of the preferreds at $268,806.27 each. P&S Spirit, LLC was the investor.
The preferreds are convertible into a total of 44,444,444 common shares at $0.09 each.
In the first tranche, the investor received warrants for 9.300378 shares of the preferred stock and in the second tranche, the investor received warrants for 3.720151 shares of the preferreds.
Headquartered in Eugene, Ore., New World is a voice over internet protocol communications company.
| Issuer: | New World Brands, Inc.
|
| Issue: | Series A convertible preferred stock
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| Amount: | $4 million
|
| Shares: | 14.880605
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| Price: | $268,806.27
|
| Conversion ratio: | Into 44,444,444 common shares
|
| Conversion price: | $0.09
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| Warrants: | For 13.020529 preferreds
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| Warrant strike price: | $268,806.27
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| Investor: | P&S Spirit, LLC
|
| Settlement date: | May 31
|
| Stock symbol: | OTCBB: NWBD
|
| Stock price: | $0.06 at close May 31
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