Published on 1/25/2007 in the Prospect News PIPE Daily.
New Issue: Capital Growth sells $15.87 million of convertible preferreds
By Sheri Kasprzak
New York, Jan. 25 - Capital Growth Systems, Inc. closed a private placement of series AA convertible preferred stock for $15,869,429.
The company sold 15,869.59 units at $1,000 each. The units included one share of preferred stock, one half-share warrant, the whole of which is exercisable for another share of preferred stock at $1,000 each through Dec. 31, 2008, and one warrant for a share of preferred stock exercisable at $1,444.44 each through Dec. 31, 2009.
The preferreds are convertible into a total of 35,265,399 common shares at $0.45 each.
The preferreds issuable upon exercise of the two-year warrants are convertible into common shares at $0.45 each, and the preferreds issuable upon exercise of the three-year warrants are convertible at $0.65 each.
Based in Schaumburg, Ill., Capital Growth develops communications technologies.
| Issuer: | Capital Growth Systems, Inc.
|
| Issue: | Units of one share series AA convertible preferred stock, one half-share warrant for series AA convertible preferred stock, one warrant for series AA convertible preferred stock
|
| Amount: | $15,869,429
|
| Units: | 15,869.59
|
| Price: | $1,000
|
| Conversion price: | $0.45
|
| Conversion ratio: | Into 35,265,399 common shares
|
| Warrants: | One half-share warrant for preferreds, one whole warrant for preferreds per unit
|
| Warrant expiration: | Dec. 31, 2008 for half-share warrants; Dec. 31, 2009 for whole warrants
|
| Warrant strike price: | $1,000 for half-share warrants (into common shares at $0.45 each); $1,444.44 for whole warrants (into common shares at $0.65 each)
|
| Settlement date: | Jan. 19
|
| Stock symbol: | OTCBB: CGSY
|
| Stock price: | $1.02 at close Jan. 19
|
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