Company to use proceeds to implement its sales and marketing programs
By Devika Patel
Knoxville, Tenn., Sept. 29 - Visual Network Design, Inc. said it completed a $3.14 million tranche of a private placement of units on Sept. 21. The deal may raise up to $5 million and has a $1 million greenshoe.
The company is selling up to 20 million units of one common share and one half-share warrant at $0.25 per unit on a best-efforts basis. It sold 12,547,757 units in the first tranche.
Each whole warrant is exercisable at $0.625 for five years. The strike price reflects a 38.89% premium to the Sept. 23 closing share price of $0.45.
Proceeds will be used to implement sales and marketing programs, to expand products and for an investor relations program and general working capital.
The software company is based in San Francisco.
Issuer: | Visual Network Design, Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | $5 million
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Greenshoe: | $1 million
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Units: | 20 million
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Price: | $0.25
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $0.625
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Settlement date: | Sept. 21 (for $3,136,939)
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Stock symbol: | OTCBB: VNDI
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Stock price: | $0.45 at close Sept. 23
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