Company also sells $802,500 of common shares and warrants to date
By Susanna Moon
Chicago, Jan. 8 - OverNear, Inc. issued units of preferred shares and warrants to 10 investors for proceeds of $502,500 as of Dec. 31, according to an 8-K filing with the Securities and Exchange Commission.
In the private placement, the company sold 16.757 units at $30,000 each. Each unit consists of 120,000 shares of the company's series A preferreds and a five-year redeemable warrant to purchase 120,000 common shares, exercisable at $0.50 per share.
As of Jan. 7, the company has issued 3.21 million shares and warrants to purchase 3.21 million common shares or proceeds of $802,500.
OverNear is a Beverly Hills, Calif.-based social networking iPhone app company.
| Issuer: | OverNear Inc.
|
| Issue: | Units of 120,000 series A preferreds and one warrant
|
| Amount: | $502,500
|
| Units: | 16.757
|
| Price: | $30,000
|
| Warrants: | One per unit
|
| Warrant strike price: | $0.50
|
| Warrant expiration: | Five years
|
| Settlement date: | Dec. 31
|
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