-PeopleString places USD1.2m securities with institutional investors

Internet Business News
05-19-2011
-PeopleString places USD1.2m securities with institutional investors

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

19 May 2011 - US social network operator PeopleString (OTCBB:PLPE) said on Wednesday it got commitments from institutional investors to subscribe to its USD1.2m (EUR842,000) securities issue.
PeopleString has agreed to sell 2.4m pieces of its common stock at USD0.50 per share, as well as three series of warrants.

Specifically, the series A five-year warrants entitle the holders to buy up to 50% of the shares sold at the closing at an exercise price of USD0.70 per share.

The series B warrants expire in 18 months and give investors the right to purchase up to 100% of the shares sold at the closing at an exercise price of USD0.50 per share.

The series C warrants with a five-year term vest proportionally upon exercise of the series B warrants and enable investors to purchase 50% of the shares sold at the closing at an exercise price of USD0.70 per share.

Rodman & Renshaw is the exclusive placement agent for the securities sale.

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(Copyright M2 Communications, 2011)