New Issue: Magnitude completes $875,000 of $1 million private placement of units

By Devika Patel

Knoxville, Tenn., Dec. 31 - Magnitude Information Systems, Inc. settled a tranche of a $1 million private placement of units on Dec. 31 for $875,000, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company plans to sell 40 million units of one common share and one warrant at $0.025 per unit. Each warrant is exercisable at $0.05 per share for three years.

Magnitude is an ergonomic productivity software company based in Branchburg, N.J.

Issuer:	Magnitude Information Systems, Inc.
Issue:	Units of one common share and one warrant
Amount:	$1 million
Units:	40 million
Price:	$0.025
Warrants:	One warrant per unit
Warrant expiration:	Three years
Warrant strike price:	$0.05
Settlement date:	Dec. 31 (for $875,000)
Stock symbol:	OTCBB: MAGY
Stock price:	$0.02 at close Dec. 30
Market capitalization:	$8.86 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.