By Angela McDaniels
Tacoma, Wash., Jan. 14 - Sino Green Land Corp. issued an additional $1 million of series A convertible preferred stock to T Squared Investments LLC in a private placement, according to a company news release.
The investor purchased $1 million of the preferreds from the company in August and had the option to purchase an additional $1 million through Feb. 10.
The preferreds were sold for $1.00 apiece. The initial conversion price is $0.088.
In the August placement, the investor also received series A warrants for 10 million shares, which are exercisable through Aug. 7, 2014 at $0.14, and series B warrants for 10 million shares, which are exercisable through Aug. 7, 2014 at $0.25.
The proceeds from the latest sale will be used to help fund the build-out of the company's distribution hub being constructed in the Guangzhou Yuncheng Wholesale Market.
Sino Green Land is an agricultural distributor of fruits and vegetables based in Guangzhou, China.
| Issuer: | Sino Green Land Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2 million
|
| Shares: | 2 million
|
| Price: | $1.00
|
| Conversion price: | $0.088
|
| Warrants: | For 20 million shares
|
| Warrant expiration: | Aug. 7, 2014
|
| Warrant strike price: | $0.14 for series A; $0.25 for series B
|
| Investor: | T Squared Investments LLC
|
| Settlement dates: | Aug. 7 (for $1 million); Jan. 14 (for $1 million)
|
| Stock symbol: | OTCBB: SGLA
|
| Stock price: | $0.08 at close Aug. 7
|
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