By Sheri Kasprzak
New York, Jan. 19 - Nanopierce Technologies, Inc. said it has concluded a $1.5 million private placement of series A convertible preferred stock.
The company issued 200,000 shares of the preferreds at $7.50 each to Arizcan Properties, Ltd.
Arizcan paid $400,000 in cash for the preferreds and issued a $1.1 million unsecured promissory note. The 7% note matures in one year.
Each preferred is convertible into 1,500 common shares.
Based in Denver, Nanopierce develops technologies to make electrical connections between different types of surfaces, particularly for use in connecting circuit boards.
| Issuer: | Nanopierce Technologies, Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $1.5 million
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| Shares: | 200,000
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| Price: | $7.50
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| Conversion ratio: | Each preferred into 1,500 common shares
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| Warrants: | No
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| Investor: | Arizcan Properties, Ltd.
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| Settlement date: | Jan. 17
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| Stock symbol: | OTCBB: NPCT
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| Stock price: | $0.07 at close Jan. 17
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