By Sheri Kasprzak
New York, May 24 - MDI, Inc. concluded a $2.3 million private placement with several existing institutional and other investors.
The investors bought 2,875,000 shares at $0.80 each.
MDI also issued in the deal warrants for 1.15 million shares, exercisable at $1.02 each for five years.
The Shemano Group was the placement agent for the deal.
Proceeds will be used for working capital.
Based in San Antonio, MDI produces security software, hardware and video systems.
| Issuer: | MDI, Inc.
|
| Issue: | Stock
|
| Amount: | $2.3 million
|
| Shares: | 2,875,000
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| Price: | $0.80
|
| Warrants: | For 1.15 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.02
|
| Placement agent: | The Shemano Group
|
| Settlement date: | May 24
|
| Stock symbol: | Nasdaq: MDII
|
| Stock price: | $0.85 at close May 23
|
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