By Sheri Kasprzak
New York, March 16 - Axcess International Inc. has revealed the terms of its previously announced $2,302,245 private placement.
The company issued $1,489,245 in preferred stock on March 14 in addition to the $813,000 in preferreds it sold on Dec. 30, 2005.
A group of institutional investors bought 1,752,005 preferreds at $0.85 each.
The preferreds are convertible into common shares at $0.85 each.
The investors received warrants for 1,752,005 shares for the most recent closing. The warrants are exercisable at $1.50 each for five years.
The expiry of the warrants may be accelerated if the company's stock trades above $3.00 for more than 20 consecutive trading days.
Proceeds will be used for working capital.
Dallas-based Axcess develops radio frequency identification and real-time location systems technology. The technologies are used to locate, identify and track people or items.
| Issuer: | Axcess International Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $1,489,204 (March 14 offering)
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| Shares: | 1,752,005
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| Price: | $0.85
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| Conversion price: | $0.85
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| Warrants: | For 1,752,005 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | March 14
|
| Stock symbol: | OTCBB: AXSI
|
| Stock price: | $1.01 at close March 14
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