By Sheri Kasprzak
New York, Aug. 9 - Avatech Solutions, Inc. said it has closed a private placement of series E convertible preferred stock for $1,191,000.
The company sold 1,191 shares of the preferreds at $1,000 each to 35 accredited investors.
The preferreds are convertible into common shares at $0.65 each after Dec. 1, 2005.
The investors also received warrants for 366,475 shares, exercisable at $0.65 each through Aug. 3, 2008.
Proceeds from the offering will be used for working capital.
Based in Owings Mills, Md., Avatech makes design software for the civil engineering field.
| Issuer: | Avatech Solutions, Inc.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $1,191,000
|
| Shares: | 1,191
|
| Price: | $1,000
|
| Conversion price: | $0.65
|
| Warrants: | For 366,475 shares
|
| Warrant expiration: | Aug. 3, 2008
|
| Warrant strike price: | $0.65
|
| Settlement date: | Aug. 3
|
| Stock price: | $0.56 at close Aug. 3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
