By Sheri Kasprzak
New York, Jan. 12 - Olympic Cascade Financial Corp. said it has completed a private placement of series B convertible preferred stock and convertible promissory notes for $2 million.
The shares and notes were sold to a group of investors led by St. Cloud Capital Partners, LP.
The preferreds are convertible into common shares at $0.75 each.
The 11% notes and are convertible into common shares at $1.00 each. The maturity of the notes could not be determined Thursday.
The investors also received warrants for 300,000 shares, exercisable at $1.00 each.
Based in Chicago, Olympic Cascade is a holding company for National Securities Corp., which is a brokerage and investment-banking business.
Preferred stock
| Issuer: | Olympic Cascade Financial Corp.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $1 million
|
| Conversion price: | $0.75
|
| Warrants: | No
|
| Investor: | St. Cloud Capital Partners, LP (lead)
|
| Settlement date: | Jan. 12
|
| Stock symbol: | OTCBB: OLYD
|
| Stock price: | $0.80 at close Jan. 12
|
|
|
| Promissory notes
|
| Issuer: | Olympic Cascade Financial Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1 million
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Conversion price: | $1.00
|
| Warrants: | For 300,000 shares
|
| Warrant strike price: | $1.00
|
| Investor: | St. Cloud Capital Partners, LP (lead)
|
| Settlement date: | Jan. 12
|
| Stock symbol: | OTCBB: OLYD
|
| Stock price: | $0.80 at close Jan. 12
|
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