By Sheri Kasprzak
New York, Feb. 15 - American TonerServ Corp. settled a private placement of series C convertible preferred stock for $1,113,249.
The company issued 371,083 shares at $3.00 each.
Each preferred is convertible into 10 common shares.
The preferreds will automatically convert once American TonerServ completes an underwritten public offering of more than $3 million.
Located in Santa Rose, Calif., American TonerServ re-distributes printer toner cartridges.
| Issuer: | American TonerServ Corp.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $1,113,249
|
| Shares: | 371,083
|
| Price: | $3.00
|
| Conversion ratio: | Each preferred into 10 common shares
|
| Call: | Automatic conversion upon completion of $3 million public offering
|
| Warrants: | No
|
| Settlement date: | Feb. 13
|
| Stock symbol: | OTCBB: ASVP
|
| Stock price: | $0.40 at close Feb. 13
|
| Stock price: | $0.47 at close Feb. 15
|
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