By Sheri Kasprzak
New York, Jan. 20 - Transax International, Ltd. said it has concluded a $1.6 million private placement of series A convertible preferred stock with Cornell Capital Partners, LP.
Cornell bought 16,000 shares at $100 each.
The 7% preferreds are convertible into common shares at the lesser of $0.192 each or 80% of the lowest daily volume weighted average price for the 10 trading days before conversion.
Of the proceeds, $255,237 comes from the surrender by Cornell of a promissory not issued in May 2005.
Cornell received warrants for 5 million shares. Half of the warrants are exercisable at $0.30 each for five years and the other half at $0.20 each for five years.
Based in Miami, Transax provides information technology services to the health care industry.
| Issuer: | Transax International, Ltd.
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| Issue: | Series A convertible preferred stock
|
| Amount: | $1.6 million
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| Shares: | 16,000
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| Price: | $100.00
|
| Conversion price: | The lesser of $0.192 or 80% of the lowest VWAP for the 10 trading days before conversion
|
| Warrants: | For 5 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.30 for half, $0.20 for half
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | Jan. 13
|
| Stock symbol; | OTCBB: TNSX
|
| Stock price: | $0.14 at close Jan. 13
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