By Sheri Kasprzak
New York, Jan. 3 - Linkwell Corp. said it completed a $1.5 million private placement of units.
The company sold 1.5 million units comprised of one share of series B convertible preferred stock, class A warrants for 10 shares and class B warrants for 10 shares to both institutional and individual investors.
The company issued a total of 15 million class A warrants and 15 million class B warrants.
The class A warrants are exercisable at $0.20 each for five years and the class B warrants at $0.30 each for five years.
The preferreds pay annual dividends at 6% and are convertible into common shares at $0.10 each.
Proceeds will be used for working capital.
Based in Shanghai, China, Linkwell is a holding company for Shanghai Likang Disinfectant Co., Ltd., a company that develops and markets disinfectant health care products.
Issuer: | Linkwell Corp.
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Issue: | Units of one series B convertible preferred share; 10 class A warrants; 10 class B warrants
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Amount: | $1.5 million
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Units: | 1.5 million
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Price: | $1.00
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Dividends: | 6%
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Conversion price: | $0.10
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Warrants: | Class A warrants for 15 million shares; class B warrants for 15 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.20 for class A; $0.30 for class B
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Settlement date: | Dec. 28
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Stock price: | $0.155 at close Dec. 28
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