FNDS3000 Raises $1 Million From Private Placement
July 8, 2009 (FinancialWire) — FNDS3000 Corp (OTCBB: FDTC) (Current Market Cap: $9.06 Mil.) has completed a non-brokered private placement financing in which the company raised $1 million through the issuance of its common stock and warrants to accredited investors.
The financing included the sale of 5,714,286 shares of common stock at $0.175 per share. In addition, for each share purchased the investors received a warrant to purchase one share of FNDS3000 common stock exercisable at $0.20 per share for 24 months from the date of closing of the private placement.
FNDS3000 said that the lead investor, Sherington Holdings LLC took a 50% interest in the offering, while of the other 50%, $240,000 is invested by the company’s management team and $260,000 by board members and other existing investors.
Ponte Vedra Beach, Florida-based FNDS3000 is a financial transaction processing service firm. The company is focused on the development and implementation of a range of prepaid card programs outside the United States.
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