By Sheri Kasprzak
Atlanta, Nov. 16 - Media Services Group Inc. released details Tuesday on its previously announced $3 million private placement.
On Nov. 10, the company sold 9,375 shares of series F convertible preferred stock at $320 per share to strategic investors.
The series F shares are convertible into about 230,769 shares of common stock at $13 per share.
Warrants were also issued in the deal for 115,385 common shares at $16.25.
On Tuesday, the company also announced it plans to sell 18,750 shares of series F convertible preferred shares.
The deal also includes five-year warrants for the purchase of the number of common shares equal to 6% of the number of series F shares sold multiplied by the conversion rate of 24.61538 at an exercise price equal to the conversion price of the series F shares.
Based in New York, Media Services Group is a company focused on the homeland security, public safety and surveillance industries.
| Issuer: | Media Services Group Inc.
|
| Issue: | Series F convertible preferred stock
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| Amount: | $3 million
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| Shares: | 9,375 shares
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| Price: | $320
|
| Warrants: | For 115,385 shares
|
| Warrant strike price: | $13
|
| Announcement date: | Nov. 16
|
| Settlement date: | Nov. 10
|
| Stock price: | $12.84 at close Nov. 10
|
| Stock price: | $12.80 at close Nov. 16
|
|
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| Issuer: | Media Services Group Inc.
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| Issue: | Series F convertible preferred stock
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| Shares: | 18,750
|
| Conversion rate: | 24.61583
|
| Warrants: | For common shares equal to 6% of the series F shares sold
|
| Warrant expiration: | Five years
|
| Warrant strike price: | Equal to the conversion price of the series F shares
|
| Announcement date: | Nov. 16
|
| Stock price: | $12.80 at close Nov. 16
|
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