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Axion International to sell $10 million of preferreds via public sale
Deal sells series A convertible preferreds in units with two warrants
By Devika Patel
Knoxville, Tenn., Dec. 21 - Axion International Holdings, Inc. plans to price a $10 million public sale of its series A convertible preferred stock, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission.
The 10,000 6% preferreds are being sold in $1,000 units, with each unit consisting of one preferred and two warrants, a five-year class A warrant and a two-year class B warrant. Each preferred is convertible into common shares.
Ladenburg Thalmann & Co. Inc. is the agent.
Proceeds will be used for working capital and general corporate purposes.
Axion is an independent oil and gas enterprise based in Basking Ridge, N.J.
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