By Sheri Kasprzak
New York, Jan. 22 - Connectivity Solutions International, Inc. settled a private placement of series AA convertible preferred stock for $15.9 million.
The company sold 15,870 shares of the preferreds.
The preferreds are convertible into a total of 35.266 million common shares at about $0.45 each.
The investors also received warrants for the number of shares issuable upon conversion. Half of the warrants expire Dec. 31, 2008 and the other half on Dec. 31, 2009. The strike price of the warrants could not be determined on Monday.
In other news, the company paid off the remainder of a short-term bridge loan through a new 18-month senior credit facility of up to $12 million and a $6.4 million convertible subordinated term debt facility.
The convertible debt is due in two years.
Connectivity Solutions is a telecommunications company based in Schaumburg, Ill.
Issuer: | Connectivity Solutions International, Inc.
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Issue: | Series AA convertible preferred stock
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Amount: | $15.9 million
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Shares: | 15,870
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Conversion ratio: | Into 35.266 million shares
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Conversion price: | $0.45
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Warrants: | Equal to the number of shares issuable upon conversion
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Warrant expiration: | Dec. 31, 2008 for half; Dec. 31, 2009 for half
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Settlement date: | Jan. 22
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Stock symbol: | OTCBB: CGSY
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Stock price: | $0.99 at close Jan. 22
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