New Issue: Veridium sells $1.5 million of stock, preferreds, options

New York, Dec. 31 - Veridium Corp. said it closed a $1.5 million sale of equity to Greenshift Corp. on Dec. 30.

Veridium issued 1.5 million shares of common stock, 750,000 shares of series C preferred stock and an option to buy a further 375,000 shares of the series C preferreds at $4.00 per share.

The series C preferreds each convert into 25 shares of common stock.

The Paterson, N.J., environmental services company received an immediate payment of $1.25 million and will receive the remaining $250,000 in February.

Greenshift is owned by Veridium's chairman and chief executive officer Kevin Kreisler. It received the funds used to purchase the Veridium securities from Cornell Capital Partners, LP in exchange for a debenture convertible into GreenShift common stock.

Greenshift said it intends to buy more of Veridium's common stock in the public market.

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