Published on 9/15/2009 in the Prospect News PIPE Daily.
New Issue: Echo Metrix completes $2 million placement of convertible preferreds
By Devika Patel
Knoxville, Tenn., Sept. 15 - Echo Metrix, Inc. settled a $2 million private placement of series B convertible preferred stock on Sept. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 220,022 preferreds at $9.09 apiece to Rock Island Capital, LLC.
Rock Island also received warrants for 22,002,200 shares, which are exercisable at $0.15 per share.
Echo Metrix is a software company based in Syosset, N.Y.
| Issuer: | Echo Metrix, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 220,022
|
| Price: | $9.09
|
| Warrants: | For 22,002,200 shares
|
| Warrant strike price: | $0.15
|
| Investor: | Rock Island Capital, LLC
|
| Settlement date: | Sept. 9
|
| Stock symbol: | OTCBB: EHMI
|
| Stock price: | $0.26 at close Sept. 9
|
| Market capitalization: | $19.9 million
|
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