Deal, which includes series A convertible preferreds, began in March
By Devika Patel
Knoxville, Tenn., Sept. 23 - Image Metrics, Inc. sold another 100,000 units as part of a private placement on Sept. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $8.39 million on March 26.
The company sold 8,394,098 units of one series A convertible preferred share and a half-share warrant at $1.00 per unit in the initial tranche.
Each warrant, expiring on July 25, 2014, is exercisable at $1.50, an 11.77% discount to the March 25 closing share price of $1.70. Each preferred converts into one common share.
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: | $8,494,098
|
| Units: | 8,494,098
|
| Price: | $1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | July 25, 2014
|
| Warrant strike price: | $1.50
|
| Settlement date: | March 26 (for $8,394,098), Sept. 20 (for $100,000)
|
| Stock symbol: | OTCBB: IMGX
|
| Stock price: | $1.70 at close March 26
|
| Market capitalization: | $26.03 million
|
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|
| Preferreds
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| Conversion ratio: | Into one common share
|
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