No Borders wraps $1 million private placement

By Sheri Kasprzak

Atlanta, Feb. 15 - No Borders, Inc. said its $1 million private placement has closed and was fully subscribed.

The company's investor relations department did not return phone calls Tuesday for additional details on the offering.

No Borders expects to receive the full funds by Feb. 28.

The private placement, according to a statement from the company, is its first.

Based in Los Angeles, No Borders provides debit and stored value card platforms for financial and commercial services and products for residents of developing countries and for immigrants to the United States from those countries.

On Tuesday, the company's stock closed down $0.02 at $0.38.

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