By Sheri Kasprzak
New York, July 18 - Vsource, Inc. said it has completed a private placement of series 5-A preferred stock for $1,478,000.
The company sold 1,478 shares of the preferred stock at $1,000 each to a group of investors led by Hope & Abel Investments, LLC
The preferreds are convertible into a total of 4,729,600 common shares at $0.3125 each.
The investors also received warrants for 886,800 shares, exercisable at $0.50 each.
The proceeds will be used for potential acquisitions and working capital.
Connected to the offering, Vsource appointed David Hirschhorn and Todd Parker, both from Hope & Abel, to its board of directors.
Based in La Jolla, Calif., Vsource provides large corporations with business process outsourcing services.
| Issuer: | Vsource, Inc.
|
| Issue: | Series 5-A preferred stock
|
| Amount: | $1,478,000
|
| Shares: | 1,478
|
| Price: | $1,000
|
| Conversion price: | $0.3125
|
| Conversion ratio: | Into 4,729,600 common shares
|
| Warrants: | For 886,800 shares
|
| Warrant strike price: | $0.50
|
| Investors: | Hope & Abel Investments, LLC (lead)
|
| Settlement date: | July 18
|
| Stock price: | $0.20 at close July 18
|
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