By Sheri Kasprzak
New York, March 27 - VCampus Corp. said it settled a $2.3 million private placement of series B-1 preferred stock.
The company issued 2,300 shares of the preferreds at $1,000 each to two accredited investors.
The 16% preferreds are convertible into common shares at a discount of between 10% and 37.5% of the last closing stock price before the date of conversion, with a floor of $1.64.
The investors received warrants for 1 million shares, exercisable at the conversion price for four years.
Located in Reston, Va., VCampus provides online and distance learning services to corporations.
Issuer: | VCampus Corp.
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Issue: | Series B-1 convertible preferred stock
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Amount: | $2.3 million
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Shares: | 2,300
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Price: | $1,000
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Dividends: | 16%
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Conversion price: | A discount of between 10% and 37.5% to the last closing stock price before conversion with a $1.64 floor
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Warrants: | For 1 million shares
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Warrant expiration: | Four years
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Warrant strike price: | Equal to the then-applicable conversion price
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Settlement date: | March 23
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Stock symbol: | Nasdaq: VCMP
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Stock price: | $0.60 at close March 23
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Stock price: | $0.65 at close March 24
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