By Sheri Kasprzak
Atlanta, June 29 - AccuPoll Holding Corp. said it plans to raise up to $3 million in a private placement of series A convertible preferred stock.
The offering includes up to 30,000 shares of preferred stock at $100 each to accredited investors.
The preferreds are convertible into common shares at $0.10 each and pay annual dividends at 15%.
For each preferred share purchased, the investors will receive warrants for 1,000 shares exercisable at $0.10 each for three years and 1,000 shares exercisable at $0.125 each for three years.
In a first closing wrapped June 22, the company sold 2,000 preferreds for proceeds of $200,000.
Continental Advisors SA is the placement agent.
AccuPoll, based in Tustin, Calif., manufactures electronic polling devices used in elections.
| Issuer: | AccuPoll Holding Corp.
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| Issue: | Series A convertible preferred stock
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| Amount: | $3 million (maximum)
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| Shares: | 30,000 (maximum)
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| Price: | $100.00
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| Dividend: | 15%
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| Conversion price: | $0.10
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| Warrants: | For 2,000 shares for each preferred purchased
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.10 for 1,000 shares for each preferred; $0.125 for 1,000 shares for each preferred
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| Placement agent: | Continental Advisors SA
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| Pricing date: | June 22
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| Stock price: | $0.16 at close June 22
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