By LLuvia Mares
New York, Aug. 15 - American Home Food Products, Inc. announced Wednesday that in conjunction with the acquisition of Artisanal Cheese, LLC, the company priced a $5.2 million private placement of redeemable convertible preferred stock.
The company was aiming for a minimum of $3.9 million but raised the maximum $5.2 million it was hoping for.
The preferreds are convertible into common shares at $0.30 each.
The company Bronxville, N.Y.-based American Home Food Products sold its royalty-generating assets in building materials for $1,000,000, using the cash to repay existing debt. Remaining debt was exchanged for equity.
American Home Food Products will now make and market specialty cheese.
Issuer: American Home Food Products, Inc.
Issue: Redeemable convertible preferred stock
| Amount: | $5.2 million
|
| Conversion price: | $0.30
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Settlement date: | Aug. 14
|
| Stock symbol: | OTCBB: AHFP
|
| Stock price: | $0.30 at close Aug. 14
|
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