By Sheri Kasprzak
New York, May 30 - Edgewater Foods International, Inc. settled a PIPE for $1.5 million.
The company issued 2 million shares of series A convertible preferred stock at $0.75 each.
The preferreds are convertible into common shares at $0.75 each.
The investor received series A, B, C and D warrants equal to 50% of the number of shares issued for a total of 4 million shares. The warrants are exercisable for five years. The A warrants are exercisable at $1.15 each; the B warrants at $1.35 each; the C warrants at $1.85 each; and the D warrants at $2.25 each.
The investor in the offering must buy up to $2.4 million in preferreds before June 30.
Based in Gaithersburg, Md., Edgewater is an aquaculture and marine hatchery operator.
| Issuer: | Edgewater Foods International, Inc.
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| Issue: | Series A convertible preferreds
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| Amount: | $1.5 million
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| Shares: | 2 million
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| Price: | $0.75
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| Conversion price: | $0.75
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| Warrants: | For 4 million shares in series A through D
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.15 for series A; $1.35 for series B; $1.85 for series C; and $2.25 for series D
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| Settlement date: | May 30
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| Stock symbol: | OTCBB: EDWT
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| Stock price: | $1.40 at close May 30
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