7% series A convertible preferred stock sold with five-year warrants
By Devika Patel
Knoxville, Tenn., June 7 - Options Media Group Holdings, Inc. completed a private placement of 7% series A convertible preferred stock on June 6, netting $1.69 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 18,400 preferreds are convertible into common shares at $0.03 per share, a 25% discount to the June 5 closing share price of $0.04.
Investors also received warrants for 6,149,998 shares, which are each exercisable at about $0.041 for five years. The strike price is a 2.5% premium to the June 5 closing price.
Options Media is a marketing firm based in Boca Raton, Fla.
| Issuer: | Options Media Group Holdings, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1,686,200 (net)
|
| Preferreds: | 18,400
|
| Conversion price: | $0.03
|
| Dividends: | 7%
|
| Warrants: | For 6,149,998 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.041 (approximate)
|
| Settlement date: | June 6
|
| Stock symbol: | Pink Sheets: OPMG
|
| Stock price: | $0.04 at close June 6
|
| Market capitalization: | $19.17 million
|
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