By Sheri Kasprzak
New York, March 3 - Impart Media Group, Inc. said it has settled a $4,495,000 private placement.
The company issued 2.9 million shares of series A convertible preferreds at $1.55 each to a group of institutional investors.
The full terms of the preferreds could not be determined by press time Friday.
The investors will receive warrants for 2.9 million series A shares, exercisable at $2.25 each for three years.
H.C. Wainwright & Co., Inc. was the placement agent.
Proceeds will be used for acquisitions and working capital.
Seattle-based Impart develops content for digital signage used by retailers, governments and other clients.
| Issuer: | Impart Media Group, Inc.
|
| Issue: | Series A convertible preferreds
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| Amount: | $4,495,000
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| Shares: | 2.9 million
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| Price: | $1.55
|
| Warrants: | For 2.9 million series A shares
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| Warrant expiration: | Three years
|
| Warrant strike price: | $2.25
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| Placement agent: | H.C. Wainwright & Co., Inc.
|
| Settlement date: | March 3
|
| Stock symbol: | OTCBB: IMMG
|
| Stock price: | $3.42 at close March 3
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