By Devika Patel
Knoxville, Tenn., May 6 - OmniReliant Holdings, Inc. completed a $7 million private placement of series G convertible preferred shares with Vicis Capital Master Fund on April 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 7 million series D convertible preferred shares at $1.00 apiece to Vicis. Vicis also received a seven-year series D warrant for 28 million common shares, exercisable at $0.75.
The preferreds have a conversion price of $0.50 and are convertible into 14 million common shares. There are no dividends.
Midtown Partners & Co., LLC was the agent.
Based in Tampa, Fla., OmniReliant is a product licensing, management and marketing firm.
| Issuer: | OmniReliant Holdings, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $7 million
|
| Shares: | 7 million
|
| Price: | $1.00
|
| Conversion price: | $0.50
|
| Conversion ratio: | Into 14 million shares
|
| Warrants: | For 28 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.75
|
| Agent: | Midtown Partners & Co., LLC
|
| Investor: | Vicis Capital Master Fund
|
| Settlement date: | April 30
|
| Stock symbol: | OTCBB: ORHIE
|
| Stock price: | $2.95 at close April 30
|
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