Cytation settles $6.5 million private placement of convertible preferreds, debt

By Sheri Kasprzak

New York, Jan. 18 - Cytation Corp. said it completed a private placement for $6.5 million as part of its acquisition of Deer Valley Homebuilders, Inc.

The company issued $5 million of series A convertible preferred stock, as well as series A and series B warrants to institutional investors.

The offering also included $1.5 million of debt issued to an institutional investor.

The full terms of the offering could not be determined by press time Wednesday.

Midtown Partners & Co., LLC was the placement agent.

Following the acquisition of Deer Valley Homebuilders, Charles Masters was named chief executive officer and president and was also named a director of Cytation.

Based in Tampa, Deer Valley produces manufactured homes.

The company's stock jumped 65.33%, or $0.98, to finish the day at $2.48 Wednesday (OTCBB: CYON).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.