By Devika Patel
Knoxville, Tenn., Nov. 12 - General Finance Corp. raised $50,000 in the third closing of a $15 million private placement of series A 12.5% cumulative preferred stock on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $1.3 million on Feb. 13, 2009 and $70,000 on April 1, 2009.
The preferreds have a liquidation preference of $50 per share. They are not convertible.
As already reported, proceeds from the transaction will be used to fund the acquisition of portable storage companies throughout the country through General Finance's GFN Mobile Storage Inc. subsidiary. The company also plans to use the funds to explore new markets in the storage arena and for general corporate purposes.
The company added that proceeds might be used to grow its Royal Wolf and Pac-Van businesses in the United States and other markets.
General Finance is a Pasadena, Calif.-based provider of portable storage services.
| Issuer: | General Finance Corp.
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| Issue: | Series A cumulative preferred stock
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| Amount: | $15 million
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| Liquidation preference: | $50 per share
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| Dividend: | 12.5%
|
| Warrants: | No
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| Settlement dates: | Feb. 13, 2009 (for $1.3 million), April 1, 2009 (for $70,000), Nov. 11 (for $50,000)
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| Stock symbol: | Nasdaq: GFN
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| Stock price: | $1.60 at close Feb. 13, 2009
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| Market capitalization: | $21.6 million
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