New Issue: Alanco seals $2.25 million placement of series E convertible preferreds

By Devika Patel

Knoxville, Tenn., April 7 - Alanco Technologies, Inc. settled a $2.25 million private placement of series E convertible preferred shares with Orbcomm Inc. on April 7, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company sold 500,000 preferreds at $4.50 apiece. Each preferred is convertible into 12 common shares.

Alanco is a Scottsdale, Ariz.-based provider of advanced information technology services.

Issuer:	Alanco Technologies, Inc.
Issue:	Series E convertible preferred shares
Amount:	$2.25 million
Shares:	500,000
Price:	$4.50
Conversion ratio:	Into 12 common shares (per preferred)
Warrants:	No
Investor:	Orbcomm Inc.
Settlement date:	April 7
Stock symbol:	Nasdaq: ALAN
Stock price:	$0.235 at close April 6
Market capitalization:	$9.47 million

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