Securities are accompanied by warrants for 20 million common shares
By Devika Patel
Knoxville, Tenn., April 12 - Infusion Brands International, Inc. completed a $2 million private placement of its series G convertible preferred stock on April 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 2 million preferreds at $1.00 apiece. The 8% preferreds convert into common stock at an initial conversion price of $0.10 per share. The conversion price reflects a 400% premium to the closing share price of $0.02 on April 5.
The preferreds have a mandatory redemption date of June 30, 2013, at which time they will be redeemed at $1.00 apiece.
The investor also received warrants for 20 million common shares, exercisable at $0.10 for 10 years. The strike price also reflects a 400% premium to the April 5 closing share price.
Infusion Brands, based in Clearwater, Fla., is a global consumer products company.
Issuer: | Infusion Brands International, Inc.
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Issue: | Series G convertible preferred stock
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Amount: | $2 million
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Shares: | 2 million
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Price: | $1.00
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Dividends: | 8%
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Conversion price: | $0.10
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Call: | On June 30, 2013
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Warrants: | For 20 million shares
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Warrant expiration: | 10 years
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Warrant strike price: | $0.10
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Settlement date: | April 6
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Stock symbol: | Pink Sheets: INBI
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Stock price: | $0.02 at close April 6
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Market capitalization: | $3.02 million
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