A story in the March 31 issue of the Prospect News PIPE Daily incorrectly reported the amount of a private placement of units issued by Image Metrics, Inc. The correct amount of the issue is $8.39 million. A corrected version of the story follows:
By Devika Patel
Knoxville, Tenn., April 14 - Image Metrics, Inc. completed an $8.39 million private placement of units on March 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 8,394,098 units of one series A convertible preferred share and a half-share warrant at $1.00 per unit.
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: | $8,394,098
|
| Units: | 8,394,098
|
| Price: | $1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | $1.50
|
| Settlement date: | March 26
|
| Stock symbol: | OTCBB: IMGX
|
| Stock price: | $1.70 at close March 26
|
| Market capitalization: | $3.61 million
|
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