By Devika Patel
Knoxville, Tenn., Jan. 5 - Options Media Group Holdings, Inc. completed a private placement of series B convertible preferred stock for about $2.4 million on Thursday, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company said it would sell $2.01 million of the preferreds on Dec. 16.
The preferreds will automatically convert into common shares at $0.035 per share once the company increases its authorized shares of common stock to 300 million.
Options Media, formerly Heavy Metal, Inc., is an e-mail service provider based in Boca Raton, Fla.
| Issuer: | Options Media Group Holdings, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $2.4 million (approximate)
|
| Conversion price: | $0.035
|
| Warrants: | No
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 31
|
| Stock symbol: | OTCBB: OPMG
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| Stock price: | $0.065 at close Jan. 4
|
| Market capitalization: | $3.9 million
|
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