Deal includes 8% series A convertible preferreds, five-year warrants
By Devika Patel
Knoxville, Tenn., Oct. 1 - Timberjack Sporting Supplies Inc. sold 1,336,244 units as part of a private placement which priced and settled on Sept. 29, according to an 8-K filed Friday with the Securities and Exchange Commission. The company raised $5.35 million in the offering.
Timberjack sold the units of one 8% series A convertible preferred share and a half-share warrant at about $4.00 per unit.
The preferreds converts into common shares at $4.00 per share. Each five-year warrant is exercisable for a total of 668,123 shares at $4.80, which is 120% of the preferred conversion price.
The shell company is based in New York.
| Issuer: | Timberjack Sporting Supplies Inc.
|
| Issue: | Units of one series A convertible preferred share and a half-share warrant
|
| Amount: | $5,344,975
|
| Units: | 1,336,244
|
| Price: | $4.00 (approximate)
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.80
|
| Pricing date: | Sept. 29
|
| Stock symbol: | OTCBB: TBJK
|
| Stock price: | $0.01 at close Sept. 29
|
| Market capitalization: | $2.79 million
|
|
|
| Preferreds
|
| Conversion price: | $4.00
|
| Dividends: | 8%
|
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