By Devika Patel
Knoxville, Tenn., July 7 - Legend Media, Inc. concluded a $3 million tranche of a private placement of convertible preferred shares on July 1, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced for $5 million on March 31 and the company plans another $2 million tranche.
The company sold 1.25 million series A convertible preferred shares at $2.40 per preferred to Maoming China Fund in this tranche.
Maoming also received warrants for 600,000 common shares, which are exercisable at $2.50 for three years.
The second settlement will occur 15 days after the company's second acquisition of a media advertising business operating in the People's Republic of China.
In that tranche, Maoming will receive 833,333 preferreds and 400,000 warrants for $2 million.
The preferreds are convertible into common shares at an initial conversion price of $2.40.
Based in Beijing, China, Legend is a media company.
| Issuer: | Legend Media, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $5 million
|
| Shares: | 2,083,333
|
| Price: | $2.40
|
| Conversion price: | $2.40
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.50
|
| Investor: | Maoming China Fund
|
| Pricing date: | March 31
|
| Settlement date: | July 7 (for $3 million)
|
| Stock symbol: | OTCBB: LEGE
|
| Stock price: | $3.20 at close March 31
|
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