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Interchange To Expand Paid-Search
By WebProNews
Staff Writer
Article Date: 2004-12-20
Interchange has entered into an agreement to sell 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. The private placement is expected to close prior to December 31, 2004 and is subject to customary closing conditions.
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 for a period of five years after the closing date.
The shares will not be registered under the Securities Act, or any state securities laws, and will be 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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