Cytation raises $1.32 million in private placement of convertible preferreds

By Sheri Kasprzak

New York, April 21 - Cytation Corp. said it has completed a $1,320,810 private placement of series D convertible preferred stock.

The company issued 132,081 shares of the preferreds at $10.00 apiece to institutional and accredited investors.

The full terms of the preferreds could not be determined by press time Friday.

The investors will also receive series E warrants for 880,540 shares, exercisable at $3.00 each.

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

Tampa, Fla.-based Cytation is a holding company for Deer Valley Homebuilders, Inc., which produces manufactured homes.

The stock remained unchanged Friday at $3.25 (OTCBB: CYON).

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