By Devika Patel
Knoxville, Tenn., May 14 - Rineon Group Ltd. raised $36 million in a private placement of series A convertible preferred stock on April 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 36,000 preferreds at $1,000 apiece to Intigy Absolute Return Ltd.
The preferreds are convertible at a price equal to 100% of the volume-weighted average price per share for the 20 trading days immediately prior to the conversion date.
The private company is based in Imperial, Saskatchewan.
| Issuer: | Rineon Group Ltd.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $36 million
|
| Shares: | 36,000
|
| Price: | $1,000
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Investor: | Intigy Absolute Return Ltd.
|
| Settlement date: | April 30
|
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