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Interchange To Expand Paid-Search Business
By WebProNews
Staff Writer
Article Date: 2005-01-03
Interchange has completed the sale of 822,000 shares of its common stock to institutional investors for $18.25 per share in a private placement transaction.
The gross proceeds of approximately $15 million are expected to be used to fund the expansion of the company's paid-search business.
In connection with the sale of common stock, the company also issued to the investors warrants to purchase up to 164,400 additional shares of the company's common stock at a price of $25.53, exercisable immediately and for a period of five years hereafter.
The shares are not registered under the Securities Act, or any state securities laws, and were sold in a private transaction under Regulation D. Unless the shares are registered, they may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws. Interchange has agreed to file a registration statement covering resale by investors of the privately placed common stock, including the common stock issuable upon conversion of the warrants discussed above.
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