By Sheri Kasprzak
Atlanta, Nov. 5 - Usurf America Inc. said Friday it will receive $1 million in a private placement.
The company entered into subscription agreements on Oct. 29 with Monarch Pointe Fund Ltd. and Mercator Advisory Group LLC to sell 10,000 shares of series A convertible preferred stock at $100 per share.
The preferreds are convertible into common shares at a price equal to 85% of the market price. The level may not exceed $0.075 or be less than $0.05.
Usurf also issued warrants for 7 million shares of common stock at $0.075 for three years.
Based in Colorado Springs, Colo., Usurf is a wireless internet access company.
| Issuer: | Usurf America Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1 million
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| Shares: | 10,000
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| Price: | $100
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| Warrants: | For 7 million shares
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| Warrant expiration: | Oct. 29, 2007
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| Warrant strike price: | $0.075
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| Investors: | Monarch Pointe Fund Ltd. and Mercator Advisory Group LLC
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| Announcement date: | Nov. 5
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| Settlement date: | Oct. 29
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| Stock price: | $0.07 at close Oct. 29
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