By Sheri Kasprzak
New York, July 5 - Insignia Solutions plc said it has completed a private placement for $1.44 million.
The company sold preferred stock exchangeable into 3.6 million American Depositary Shares at $0.40 each.
The investors, led by Fusion Capital Fund II, LLC, also received warrants for 4.8 million American Depositary Shares, exercisable at $0.50 each.
The preferreds pay annual dividends for the first two years at 15%, payable in American Depositary Shares.
The company said it has received $1 million of the funds already and expected to receive the remainder on Tuesday.
The proceeds will be used for working capital.
Based in Fremont, Calif., Insignia is a mobile device production company.
| Issuer: | Insignia Solutions plc
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| Issue: | Preferred stock exchangeable for American depositary shares
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| Amount: | $1.44 million
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| ADS: | 3.6 million
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| Price: | $0.40
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| Dividends: | 15% for two years, payable in ADS
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| Warrants: | For 4.8 million ADS
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| Warrant strike price: | $0.50
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| Investors: | Fusion Capital Fund II, LLC (lead)
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| Settlement date: | July 5
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| Stock price: | $0.649 at close July 1
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