By Sheri Kasprzak
New York, Oct. 18 - Mediavest, Inc. intends to complete a $3.4 million private placement.
The offering includes up to 3.4 million units of one share and one warrant.
Each warrant is exercisable at $2.00 for two years.
In September, the company completed a similar offering for $2.8 million, selling 2.8 million units of one share and one warrant.
Proceeds from the deal will be used for working capital and general corporate purposes.
In other news, Mediavest settled a $100,000 private placement of series A convertible preferred stock, selling 100,000 shares of the preferreds to Trinad Management, LLC. The conversion terms could not be determined Wednesday.
Located in Los Angeles, Mediavest is seeking a company with which to merge. The company has no significant operations, but it previously provided business-to-business transaction management services between buyers and sellers.
Issuer: | Mediavest, Inc.
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Issue: | Units of one share and one warrant
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Amount: | $3.4 million
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Units: | 3.4 million
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Price: | $1.00
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $2.00
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Announcement date: | Oct. 18
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Stock symbol: | OTCBB: MVSI
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Stock price: | $1.55 at close Oct. 18
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