Deal sells 262,100 preferreds and one-year warrants for 337,750 shares
By Devika Patel
Knoxville, Tenn., Aug. 14 - Next 1 Interactive, Inc. settled a $1.31 million private placement of series B convertible preferred stock on Aug. 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 262,100 preferreds. Each preferred converts to common stock at $5.00 per share. Investors also received warrants for 337,750 shares. Each warrant is exercisable at $2.50 for one year.
Weston, Fla.-based Next 1 Interactive is an interactive media company whose focus is in video and media advertising delivered over internet and television platforms.
| Issuer: | Next 1 Interactive, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $1,310,500
|
| Preferreds: | 262,100
|
| Conversion price: | $5.00
|
| Warrants: | For 337,750 shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $2.50
|
| Settlement date: | Aug. 14
|
| Stock symbol: | OTCBB: NXOI
|
| Stock price: | $0.03 at close Aug. 13
|
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