By Sheri Kasprzak
Atlanta, March 16 - Syscan Imaging Inc. said it has closed a $1,865,000 private placement of series A convertible preferred stock.
The preferreds, which were sold to nine institutional and retail investors, are convertible into common shares at $1.00 each.
The investors also received warrants for 932,500 shares at $2.00 each for five years.
Based in San Jose, Calif., Syscan manufactures mobile image scanning systems and image-display products.
| Issuer: | Syscan Imaging Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1,865,000
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| Conversion price: | $1.00
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| Warrants: | For 932,500 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Settlement date: | March 15
|
| Stock price: | $1.75 at close March 15
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