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AV1 Group Announces Private Placement of $2 Million Consisting of Cumulative Redeemable Preferred Stock Paying 12% Dividend
AV1 Group Announces Private Placement of $2 Million Consisting of Cumulative Redeemable Preferred Stock Paying 12% Dividend.
About this update from Omid Holdings, Inc.
[{"type":"text","content":"\n \n \n AV1 Group Announces Private Placement of $2 Million Consisting of Cumulative Redeemable Preferred Stock Paying 12% Dividend\n \n \nAV1 Group Announces Private Placement of $2 Million Consisting of Cumulative Redeemable Preferred Stock Paying 12% Dividend\n \n LA JOLLA, CA--(Marketwired - Sep 16, 2015) - AV1 Group, Inc. (OTC PINK: AVOP) is pleased to announce announced today that the Company has filed a Form D with the Securities and Exchange Commission for a $2 million private placement under the auspices of Rule 506(c) of Regulation D for accredited and institutional investors. The placement has been structured by offering 2million Class B Preferred Shares at the price of $1 per share. The Class B Cumulative Redeemable Preferred Shares will pay a twelve percent (12%) cumulative dividend each fiscal year, with a sinking fund set up for the first year. The Class B Preferred Shares are redeemable at 120% of the purchase price any time after two years from date of issuance. The Company pays an 8% placement commission to registered broker-dealers.\n The Company intends to use the net proceeds from this transaction to repurchase shares of its common stock; development and launch of internally developed products and services; mergers and acquisitions; and general working capital. Such stock repurchases may be made in the open market, block trades or privately-negotiated transactions. In connection with the foregoing, the Company's Board of Directors has approved a share repurchase program that authorizes the Company to repurchase up to $200,000 in shares of common stock.\n This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities ofAV1 Group, Inc., nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares offered in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States without being registered with the Securities and Exchange Commission (SEC) or through an applicable exemption from SEC registration requirements. \n About AV1 Group, Inc.: AV1 Group, Inc. is a publicly traded i...