By Devika Patel
Knoxville, Tenn., Sept. 10 - i2 Telecom International, Inc. raised $2 million in a private placement of series F convertible preferred stock on Sept. 3, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 2,000 preferreds are convertible into 4 million common shares.
The investors also received a three-year warrant for 2 million shares. It is exercisable at $0.625.
Atlanta-based i2 Telecom provides voice-over-internet protocol services to telecommunications companies.
| Issuer: | i2 Telecom International, Inc.
|
| Issue: | Series F convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 2,000
|
| Conversion ratio: | Into 4 million common shares
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.625
|
| Settlement date: | Sept. 3
|
| Stock symbol: | OTCBB: ITUI
|
| Stock price: | $0.05 at close Sept. 3
|
| Market capitalization: | $1.45 million
|
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