By Devika Patel
Knoxville, Tenn., July 9 - Steelcloud, Inc. completed a $2 million private placement of 10% series A convertible preferred stock and a 12% three-year convertible promissory note with Clipper Investors LLC on July 2, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold $900,000 of preferreds and $1.1 million of convertible debt, which is due July 2, 2013.
Steelcloud sold 450,000 preferreds at $2.00 apiece.
Both the preferreds and the debt are convertible into common shares at $0.10 per share, a 54% premium.
Clipper Investors also received 20 million warrants, which are exercisable at $0.14 apiece.
Based in Dulles, Va., Steelcloud is a developer of mobility appliance software services for the Research In Motion BlackBerry market.
| Issuer: | Steelcloud, Inc.
|
| Issue: | Series A convertible preferred stock, convertible promissory note
|
| Amount: | $2 million
|
| Conversion price: | $0.10
|
| Conversion premium: | 54%
|
| Warrants: | 20 million
|
| Warrant strike price: | $0.14
|
| Investor: | Clipper Investors LLC
|
| Settlement date: | July 2
|
| Stock symbol: | Pink Sheets: SCLD
|
| Stock price: | $0.07 at close July 2
|
| Market capitalization: | $1.49 million
|
|
|
| Preferreds
|
| Amount: | $900,000
|
| Preferreds: | 450,000
|
| Price: | $2.00
|
| Dividends: | 10%
|
|
|
| Convertible note
|
| Amount: | $1.1 million
|
| Maturity: | July 2, 2013
|
| Dividends: | 12%
|
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