Investors also receive 5,000 common shares for each $50,000 invested
By Devika Patel
Knoxville, Tenn., Nov. 19 – Staffing 360 Solutions, Inc. raised $881,500 in a private placement of 12% convertible bonds on Oct. 3, Oct. 22 and Nov. 17, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Each bond is convertible into common shares at $2.00 per share, a 22.7% premium to the Oct. 2 closing share price of $1.63. The bonds mature on Sept. 30, 2015.
Investors also received 5,000 common shares for each $50,000 invested, for a total of 88,150 shares.
The staffing company is based in New York.
Issuer: | Staffing 360 Solutions, Inc.
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Issue: | Convertible bonds, 88,150 common shares
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Amount: | $881,500
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Maturity: | Sept. 30, 2015
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Coupon: | 12%
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Conversion price: | $2.00
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Conversion premium: | 22.7%
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Warrants: | No
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Settlement date: | Oct. 3, Oct. 22 and Nov. 17
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Stock symbol: | OTCBB: STAF
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Stock price: | $1.63 at close Oct. 2
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Market capitalization: | $34.35 million
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