By Sheri Kasprzak
Atlanta, June 16 - Rainmaker Systems Inc. said it has completed a private placement for $2.68 million.
The company sold 6.7 million shares at $0.40 each to institutional investors. Members of the company's management and its board of directors also participated in the offering, paying $0.45 per share based on the company's closing stock price of $0.48 per share on June 14.
The investors also received warrants for 1 million shares, exercisable at $0.48 each.
Based in Scotts Valley, Calif., Rainmaker develops and sells software through an outsourced marketing service. The proceeds will be used to strengthen the company's balance sheet and help generate new business.
| Issuer: | Rainmaker Systems Inc.
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| Issue: | Stock
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| Amount: | $2.7 million
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| Shares: | 6.7 million
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| Price: | $0.40 for institutional investors, $0.45 for insiders
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| Warrants: | For 1 million shares
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| Warrant strike price: | $0.48
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| Settlement date: | June 15
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| Stock price: | $0.43 at close June 15
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