Offering sells units at $2.50; proceeds fund working capital purposes
By Devika Patel
Knoxville, Tenn., May 7 - Roomlinx, Inc. settled a $3 million private placement of units on May 4, according to an 8-K filed Monday with the Securities and Exchange Commission. The company may raise an additional $1 million on the same terms until May 25.
The company sold 1.2 million units of one common share and one half-share warrant at $2.50 per unit.
Each whole three-year warrant is exercisable at $3.75. The strike price is a 29.31% premium to the May 3 closing share price of $2.90.
Proceeds will be used for general corporate and working capital purposes, including deployment of the Company's iTV applications under a master service agreement with Hyatt Corp.
Broomfield, Colo.-based Roomlinx provides wireless and wired internet services to the hospitality industry.
| Issuer: | Roomlinx, Inc.
|
| Issue: | Units of one common share and one half-share warrant
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| Amount: | $3 million
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| Shares: | 1.2 million
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| Price: | $2.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
|
| Warrant strike price: | $3.75
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| Settlement date: | May 4
|
| Stock symbol: | OTCBB: RMLX
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| Stock price: | $2.90 at close May 3
|
| Market capitalization: | $15.35 million
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