By Devika Patel
Knoxville, Tenn., Sept. 3 - nFinanSe Inc. gave further details about a $12.21 million private placement of preferred stock that settled on Sept. 1 in an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold a total of 4,068,836 series D convertible preferred shares for $12.21 million, with $6.51 million paid in cash and the remainder issued in exchange for $5.69 million of debt.
Each preferred is convertible into 10 common shares at $0.30 per share.
Investors received warrants for 40,688,360 shares, which are exercisable at $0.01 for five years.
Emerging Growth Equities, Ltd. was the agent.
Based in Bradenton, Fla., nFinanSe is a financial services company and provides stored value and prepaid cards.
Issuer: | nFinanSe Inc.
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Issue: | Series D convertible preferred stock
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Amount: | $12,206,513
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Shares: | 4,068,836
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Conversion price: | $0.30
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Conversion ratio: | Into 10 common shares (per preferred)
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Warrants: | For 40,688,360 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.01
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Agent: | Emerging Growth Equities, Ltd.
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Settlement date: | Aug. 21 (for $10.87 million), Sept. 1 (for $1.3 million)
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Stock symbol: | OTCBB: NFSE
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Stock price: | $0.36 at close Aug. 21
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