By Sheri Kasprzak
New York, Jan. 3 - Sun New Media Inc. said it completed a private placement of stock and a convertible note for $1.02 million.
The company issued 50,000 shares at $2.04 each and sold a note for $918,000 to Barron Partners, LLP.
The full terms of the note could not be determined Tuesday.
The investor also received warrants for 11 million shares, exercisable at a weighted average price of $3.71 each.
Based in Diamond Bar, Calif., Sun New Media produces interactive business-to-business marketing services in China.
| Issuer: | Sun New Media Inc.
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| Issue: | Stock
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| Amount: | $102,000
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| Shares: | 50,000
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| Price: | $2.04
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| Warrants: | For 11 million shares
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| Warrant strike price: | $3.71
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| Investor: | Barron Partners, LLP
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| Settlement date: | Dec. 28
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| Stock price: | $4.10 at close Dec. 28
|
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