By Devika Patel
Knoxville, Tenn., Jan. 11 - Fortified Holdings Corp. arranged a $20 million private placement of units, according to an 8-K filed Friday with the Securities and Exchange Commission.
It settled a first tranche on Nov. 19 for $1 million and a second tranche on Jan. 7 for $4 million.
The company sold 2,550,000 units at $0.40 apiece in the first tranche. In the second tranche, it sold 10,012,500 units. It will sell up to 50 million units at that price. Each unit consists of one common share and one warrant. The warrants are exercisable at $0.65 through Nov. 30, 2010.
At any time after Nov. 30, if the company's shares close higher than $2.00 for 15 consecutive trading days and the average trading volume of the stock has exceeded 500,000 shares per trading day over the same period, the company may redeem the warrants 60 days after notifying the warrant holders.
Falcon Capital was the agent.
Fortified Holdings, based in New Canaan, Conn., is a holding company.
| Issuer: | Fortified Holdings Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $20 million
|
| Units: | 50 million
|
| Price: | $0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Nov. 30, 2010
|
| Warrant strike price: | $0.65
|
| Agent: | Falcon Capital
|
| Settlement date: | Nov. 19 (for $1,020,000), Jan. 7 (for $4,005,000)
|
| Stock symbol: | OTCBB: FFDH
|
| Stock price: | $0.37 at close Jan. 7
|
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