By Susanna Moon
Chicago, Sept. 2 - Legend Media, Inc. completed a private placement of $1.5 million series A convertible preferred shares on Friday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 625,000 preferreds to Maoming China Fund.
Maoming also received warrants for 300,000 shares, which are exercisable at $2.50 for three years. Warrants are exercisable on a cashless basis any time after Aug. 29, 2009 if the common stock underlying the warrants has not been registered with the Securities and Exchange Commission by then.
The offering closed in connection with the company's previously announced acquisition of its second media advertising business operating in the People's Republic of China, News Radio Ltd.
The preferreds are convertible into common shares at an initial conversion price of $2.40.
Based in Beijing, Legend is a media company.
| Issuer: | Legend Media, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1.5 million
|
| Shares: | 625,000
|
| Price: | $2.40
|
| Conversion price: | $2.40
|
| Warrants: | For 300,000 shares
|
| Warrant expiration: | Aug. 28, 2011
|
| Warrant strike price: | $2.50
|
| Investor: | Maoming China Fund
|
| Pricing date: | March 31
|
| Settlement date: | Aug. 29
|
| Stock symbol: | OTCBB: LEGE
|
| Stock price: | $1.80 at close on Aug. 27
|
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