By Devika Patel
Knoxville, Tenn., Sept. 9 - AVP, Inc. said it took in $3.5 million in a private placement of convertible debt and preferred stock with RJSM Partners, LLC.
The financing consists of approximately $2.8 million in convertible debt, convertible into common stock at $0.50 per share, and 50,000 series B preferred shares.
The financing will be funded in two tranches, with the company receiving $2.5 million on Sept. 8 and an additional $1 million by Sept. 15.
Proceeds will be used for working capital and the continued expansion of the company's lifestyle sports entertainment offerings in professional beach volleyball.
Los Angeles-based AVP operates professional volleyball events.
| Issuer: | AVP, Inc.
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| Issue: | Convertible debt, series B preferred stock
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| Amount: | $3.5 million
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| Warrants: | No
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| Investor: | RJSM Partners, LLC
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| Settlement date: | Sept. 8 (for $2.5 million), Sept. 15 (for $1 million)
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| Stock symbol: | OTCBB: AVPI
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| Stock price: | $0.40 at close Sept. 8
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| Convertible debt
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| Conversion price: | $0.50
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| Preferreds
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| Shares: | 50,000
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