Company sells units of 8% preferreds with 25% warrant coverage
By Marisa Wong
Madison, Wis., May 7 - Marathon Patent Group, Inc. sold 1,000,502 units to accredited investors for proceeds to $6,503,264 on May 1, according to an 8-K filing with the Securities and Exchange Commission.
The units, priced at $6.50 apiece, are made up of 8% series A preferred shares with 25% warrant coverage. The two-year common share warrants are exercisable at $7.50 per share. The strike price reflects a 6.8% premium to the April 30 closing share price of $7.02.
Laidlaw & Co. (UK) Ltd. acted as placement agent.
Marathon is an intellectual property consulting company based in Alexandria, Va.
| Issuer: | Marathon Patent Group, Inc.
|
| Issue: | Units of one 8% series A preferred, one common share warrant
|
| Amount: | $6,503,264
|
| Units: | 1,000,502
|
| Price: | $6.50
|
| Warrants: | 25% of number of preferred shares purchased
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $7.50 per share
|
| Agent: | Laidlaw & Co. (UK) Ltd.
|
| Settlement date: | May 1
|
| Stock symbol: | OTCBB: MARA
|
| Stock price: | $7.02 at close April 30
|
| Market capitalization: | $43.75 million
|
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