By Devika Patel
Knoxville, Tenn., July 27 - Absolute Life Solutions, Inc. raised $5 million from a private placement of series A convertible preferred stock on July 21, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It may sell up to $55 million in additional preferreds.
The company sold 5,000 preferreds at $1,000 apiece. They are convertible into common stock at $1.00 per share.
The investors also received warrants for 5 million shares. Half of the warrants are exercisable at $2.00 until July 31, 2015. The remaining warrants are exercisable at $4.00 until July 31, 2015.
Absolute Life Solutions, formerly Shimmer Gold, Inc., is a specialty financial services company in New York.
| Issuer: | Absolute Life Solutions, Inc.
|
| Issue: | Series A convertible preferred stock
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| Amount: | $5 million
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| Shares: | 5,000
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| Price: | $1,000
|
| Conversion price: | $1.00
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| Warrants: | For 5 million shares
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| Warrant expiration: | July 31, 2015
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| Warrant strike price: | $2.00 (for 2.5 million shares), $4.00 (for 2.5 million shares)
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| Settlement date: | July 21
|
| Stock symbol: | OTCBB: SMGN
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| Stock price: | $2.00 at close July 21
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