SmartVideo Technologies has completed a securities purchase agreement to issue and deliver 7,200,000 shares of common stock (at $2.50 a pop) and five-year warrants to a group of accredited investors, raising $9 million in gross proceeds. SmartVideo was aiming for $8 million…the money is planned for further development.
“This round of financing triggered an anti-dilution provision under a prior financing resulting in the issue of additional warrants exercisable at $1.25 per share to purchase an additional 6,553,663 shares of common stock. Certain of the Company’s directors participated in this prior financing.”
Related stories:
–SmartVideo Launches Ad-Supported Mobile Music Video Service
–Smartvideo Shareholders Want CEO Out
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