By Devika Patel
Knoxville, Tenn., July 10 - Aims Worldwide Inc. will raise $4.5 million in a private placement of series B convertible preferred shares, which was arranged on July 8, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 2,812,500 preferreds at $1.60 apiece to FG Investment Holdings, LLC. They are convertible into common shares at a rate of five shares per preferred, or $0.32 per common share.
FG also will receive warrants for 27,875,000 common shares, with 6 million exercisable at $0.0352 and 21,875,000 exercisable at $0.50.
In the first tranche, the company will sell 93,750 preferreds for $150,000 with a warrant for 6 million shares, exercisable at $0.352.
In the second tranche, the company will sell 1,406,250 preferreds for $2.25 million with a warrant for 21,875,000 shares, exercisable at $0.50.
In the third tranche, the company will sell 1,312,500 preferreds for $2.1 million. This tranche will be completed after the company meets certain conditions.
Aims Worldwide, based in Fairfax, Va., is a marketing consultant company.
| Issuer: | Aims Worldwide Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $4.5 million
|
| Shares: | 2,812,500
|
| Price: | $1.60
|
| Conversion price: | $0.32
|
| Conversion ratio: | Five shares per preferred
|
| Warrants: | For 27,875,000 shares
|
| Warrant strike price: | $0.0352 (for 6 million shares), $0.50 (for 21,875,000 shares)
|
| Investor: | FG Investment Holdings, LLC
|
| Pricing date: | July 8
|
| Stock symbol: | OTCBB: AMWW
|
| Stock price: | $0.25 at close July 8
|
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