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Article: Geospatial Holdings Raises $1M in Equity Sale. CEO to Convert $2M of Debt to Equity under Same Terms as Equity Raise.
- Article from:
- Business Wire
- Article date:
- October 13, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PITTSBURGH -- Geospatial Holdings, Inc. (OTCBB: GSPH) announced today that the Company, through its new financial advisors, Convertible Capital, has completed a $1 million equity raise and Mark A. Smith the Company's Founder and Chief Executive Officer is converting $2 million that he has advanced to the Company as a convertible loan, into equity under the same terms as the equity raise.
Between October 1, 2009 and October 6, 2009 the Company sold 2,000,000 shares of Common Stock at $0.50 per share for an aggregate offering price of $1,000,000. The sales took place in private placement transactions pursuant to the exemption from the registration requirements of ...