By Sheri Kasprzak
New York, Oct. 4 - NutraCea, Inc. said it has wrapped a private placement of series B convertible preferred stock for $7.85 million.
The company sold 7,850 shares of the preferreds at $1,000 each.
The 5% preferreds are convertible into common shares at a rate of 2,000 common shares for each preferred.
The investors also received warrants for 7.85 million shares, exercisable for five years at $0.70 each.
Halpern Capital, Inc. was the placement agent.
El Dorado Hills, Calif.-based NutraCea develops rice bran derivative products.
| Issuer: | NutraCea, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $7.85 million
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| Shares: | 7,850
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| Price: | $1,000
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| Dividends: | 5%
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| Conversion ratio: | Into 2,000 common shares for each preferred
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| Warrants: | For 7.85 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.70
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| Placement agent: | Halpern Capital, Inc.
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| Settlement date: | Oct. 4
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| Stock price: | $1.03 at close Oct. 4
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