By Sheri Kasprzak
New York, Nov. 8 - Health Systems Solutions, Inc. said it concluded a private placement of series C convertible preferred stock for $1.35 million.
The company issued 675,000 shares of the preferreds at $2.00 each to Stanford International Bank Ltd., its largest shareholder.
The investor also received warrants for 405,000 shares, exercisable at $2.00 each for five years.
The preferreds are convertible into common shares on a one-for-one basis.
Stanford also agreed to buy an additional 250,000 in preferreds on Health Systems' request on two-weeks' notice. The investor also has the option to buy another 3.7 million preferreds in the next two years at $2.00 each.
The proceeds were used to satisfy the balance of the company's credit line with Stanford, leaving $100,000 for working capital.
Based in Tampa, Health Systems Solutions develops software used for clinical, financial and administrative purposes in the health care sector.
| Issuer: | Health Systems Solutions, Inc.
|
| Issue: | Series C convertible preferred stock
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| Amount: | $1.35 million
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| Shares: | 675,000
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| Price: | $2.00
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| Conversion ratio: | Into common shares on a one-for-one basis
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| Warrants: | For 405,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Investor: | Stanford International Bank Ltd.
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| Settlement date: | Nov. 8
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| Stock price: | $0.55 at close Nov. 8
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