By Sheri Kasprzak
New York, Dec. 2 - Sequiam Corp. said it has concluded a private placement of series A convertible preferred stock for $1,575,000.
The company sold 1,575 shares of the preferreds at $1,000 each to seven institutional investors.
The preferreds are initially convertible into 7.5 million shares at $0.21 each and pay annual dividends at 9%.
The investors received warrants for 7.5 million shares, exercisable at $0.33 each.
Sequiam, based in Orlando, provides web-based document management services.
| Issuer: | Sequiam Corp.
|
| Issue: | Series A convertible preferred stock
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| Amount: | $1,575,000
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| Shares: | 1,575
|
| Price: | $1,000
|
| Conversion ratio: | Into 7.5 million common shares
|
| Dividends: | 9%
|
| Warrants: | For 7.5 million shares
|
| Warrant strike price: | $0.33
|
| Settlement date: | Nov. 30
|
| Stock price: | $0.38 at close Nov. 30
|
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