New Issue: Artisoft raises $5 million from sale of convertibles

By Sheri Kasprzak

New York, Feb. 15 - Artisoft, Inc. said it has completed a private placement for $5 million.

The company sold 5,000 shares of series D convertible preferred stock to institutional investors at $1,000 each.

The investors included SRB Greenway Capital, LP; SRB Greenway Capital (Q.P.), LP; SRB Greenway Offshore Operating Fund, LP; Walker Smith Capital, LP; Walker Smith Capital (Q.P.), LP; Walker Smith International Fund, Ltd.; and HHMI Investments, LP.

The investors received warrants for 1,041,667 shares exercisable at $1.20 each through Feb. 9, 2016.

The preferreds pay annual dividends at a rate of $80.00 per share. The preferreds are initially convertible into 4,166,667 common shares at $1.20 each.

Based in Cambridge, Mass., Artisoft develops phone system software.

Issuer:	Artisoft, Inc.
Issue:	Series D convertible preferred stock
Amount:	$5 million
Shares:	5,000
Price:	$1,000
Dividends:	Equal to $80.00 per share annually
Conversion ratio:	Into 4,166,667 shares
Conversion price:	$1.20
Warrants:	For 1,041,667 shares
Warrant expiration:	Feb. 9, 2016
Warrant strike price:	$1.20
Investors:	SRB Greenway Capital, LP; SRB Greenway Capital (Q.P.), LP; SRB Greenway Offshore Operating Fund, LP; Walker Smith Capital, LP; Walker Smith Capital (Q.P.), LP; Walker Smith International Fund, Ltd.; and HHMI Investments, LP
Settlement date:	Feb. 9
Stock symbol:	OTCBB: ASFT
Stock price:	$1.20 at close Feb. 9

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