By Sheri Kasprzak
New York, March 21 - Think Partnership Inc. said it has secured agreements for a $26.5 million private placement of series A convertible preferred stock.
A group of institutional investors agreed to buy the 10% preferreds, which are convertible into common shares at $2.00 each.
The investors will also receive warrants for 5.3 million shares, exercisable for five years at $2.50 each.
Proceeds will be used for the purchase of Litmus Media, Inc. and for general corporate purposes.
Northbrook, Ill.-based Think Partnership is an online and print marketing, advertising, public relations and branding company.
| Issuer: | Think Partnership Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $26.5 million
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| Dividends: | 10%
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| Conversion price: | $2.00
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| Warrants: | For 5.3 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.50
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| Announcement date: | March 21
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| Stock symbol: | Amex: THK
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| Stock price: | $2.04 at close March 20
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