By Devika Patel
Knoxville, Tenn., Oct. 2 - Simtrol, Inc. took in $1.43 million in the first tranche of a private placement of preferred shares on Sept. 26, according to an 8-K filed Thursday with the Securities and Exchange Commission and a company press release.
The company plans to raise between $2.5 million and $5.5 million in this deal.
The preferreds are being sold in units. Each unit will consist of one $750 series C preferred share and warrants for 2,000 common shares. The company will sell between 3,334 and 7,334 units at $750 per unit.
The warrants are exercisable at $0.375.
Each preferred is convertible into 2,000 common shares at a conversion price of $0.375.
Gilford Securities Corp. is the agent.
Simtrol is an Atlanta-based software company focused on device management.
| Issuer: | Simtrol, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $2,500,500 (minimum), $5,500,500 (maximum)
|
| Units: | 3,334 (minimum), 7,334 (maximum)
|
| Price: | $750
|
| Conversion price: | $0.375
|
| Warrants: | One warrant for 2,000 shares per unit
|
| Warrant strike price: | $0.375
|
| Agent: | Gilford Securities Corp.
|
| Pricing date: | July 1
|
| Settlement date: | Sept. 26 (for $1,433,750)
|
| Stock symbol: | OTCBB: SMRL
|
| Stock price: | $0.37 at close June 30
|
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