By Devika Patel
Knoxville, Tenn., July 18 - K's Media settled a private placement of units, raising $5 million, on July 17, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 1,666,667 units at $3.00 each.
Each unit consists of one common share and two warrants. The group A warrants are exercisable for 1,666,667 common shares at $6.00 per share for five years. The group B warrants are exercisable for 1,666,667 common shares at $9.00 per share for five years.
The company may redeem the group A warrant at $0.05 per warrant if its common shares close higher than $8.00 for 20 consecutive trading days.
The company may redeem the group B warrant at $0.05 per warrant if its common shares close higher than $12.00 for 20 consecutive trading days.
Beijing, China-based K's Media specializes in media and advertising, targeting premium brand advertisers by placing their commercials in KTV night clubs in China.
| Issuer: | K's Media
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $5,000,001
|
| Units: | 1,666,667
|
| Price: | $3.00
|
| Warrants: | For 3,333,334 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.00 (for 1,666,667 shares), $9.00 (for 1,666,667 shares)
|
| Settlement date: | July 17
|
| Stock symbol: | OTCBB: KVME
|
| Stock price: | $5.70 at close July 17
|
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