By Sheri Kasprzak
Atlanta, Dec. 23 - Visual Data Corp. said Thursday it closed a $6.5 million private placement that included the sale of senior secured convertible notes and convertible preferred stock.
The company sold $4.35 million in 8% senior secured convertible notes and 215,000 shares of series A-10 convertible preferred stock at $10 each.
The notes include warrants for 1,522,500 shares and the preferred include warrants for 1,075,000 shares exercisable for five years.
Adelphia Capital Inc. was the placement agent in the offering.
On Thursday, the company also announced that it completed its merger with Onstream Media Corp.
Pompano Beach, Fla.-based Visual Data provides video and rich media communication, web casting and digital asset management services.
The proceeds from the offering were used to pay all outstanding amounts due for processing and distribution software and for licensing software. Some of the proceeds will be used to pay all outstanding secured debt. The remainder of the funds will be used to complete the development and rollout of the commercial version of the Onstream Media digital asset management platform.
| Issuer: | Visual Data Corp.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $4.35 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | For 1,522,500
|
| Warrant expiration: | Five years
|
| Placement agent: | Adelphia Capital Inc.
|
| Settlement date: | Dec. 23
|
| Stock price: | $1.79 at close Dec. 23
|
|
|
| Issuer: | Visual Data Corp.
|
| Issue: | Series A-10 convertible preferred stock
|
| Amount: | $2.15 million
|
| Warrants: | For 1,075,000 shares
|
| Warrant expiration: | Five years
|
| Placement agent: | Adelphia Capital Inc.
|
| Settlement date: | Dec. 23
|
| Stock price: | $1.79 at close Dec. 23
|
|
|
© 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.
