Deal conducted with MUNCmedia is part of partnership agreement
By Devika Patel
Knoxville, Tenn., Sept. 14 - Next 1 Interactive, Inc. said it settled a $2.2 million private placement of stock and warrants.
The company sold shares at $1.00 apiece to MUNCmedia. The shares are accompanied by 1 million warrants. Each warrant is exercisable at $1.00 for two years. The strike price is a 75.44% premium to the Sept. 13 closing share price of $0.57.
The investment is part of a partnership with the investor under which the company will use MUNCmedia's exclusive, targeted content delivery capabilities within the travel and real estate arenas.
"Directly connecting premier destination travelers with an abundance of trustworthy content and knowledge has been the holy grail for both the traveler and the online travel industry," chief executive officer and vice chairman Bill Kerby said in a press release. "MUNCmedia's expertise in both increasing our audience reach and delivering highly targeted communications will enhance our premier brands, such as Maupintour vacation products.
"In short, the MUNCmedia partnership provides us with the ability to offer customers the right travel product at the right time."
Weston, Fla.-based Next 1 Interactive is an interactive media company whose focus is in video and media advertising delivered over internet and television platforms.
| Issuer: | Next 1 Interactive, Inc.
|
| Issue: | Shares
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| Amount: | $2.2 million
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| Shares: | 2.2 million
|
| Price: | $1.00
|
| Warrants: | 1 million warrants
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
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| Investor: | MUNCmedia
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| Settlement date: | Sept. 14
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| Stock symbol: | OTCBB: NXOI
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| Stock price: | $0.57 at close Sept. 13
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| Market capitalization: | $20.53 million
|
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