By Devika Patel
Knoxville, Tenn., March 11 - Image Metrics, Inc. said it completed an $8 million private placement of units. The company also completed a reverse merger with International Cellular Accessories and plans to change its stock symbol.
The company sold 8 million units of one series A convertible preferred share and a half-share warrant at $1.00 per unit. The company may sell an additional 4.8 million units.
Each warrant is exercisable at $1.50.
Proceeds will be used to accelerate the company's sales and marketing and product development efforts, as well as for working capital and general corporate purposes, including possible acquisitions.
Based in Santa Monica, Calif., Image Metrics provides facial animation software and services to the interactive entertainment and film industries.
| Issuer: | Image Metrics, Inc.
|
| Issue: | Units of one series A convertible preferred share and a half-share warrant
|
| Amount: | $8 million
|
| Units: | 8 million
|
| Price: | $1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | $1.50
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: ICLA
|
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