USA: Iceberg Corporation Completes First Round of Private Placement

By just-drinks.com editorial team | 11 May 2000

Iceberg Corp. of America (OTCBB:ICBG) today announced that it has completed the initial round of a planned private placement. Under the terms of the Private Placement Memorandum, each investor received a unit comprised of one share of the company's common stock and a warrant to purchase an additional share of common stock prior to April 30, 2001 at a price per share equal to 125 percent of the closing bid price of the company's common stock on May 8, 2000 and after May 1, 2001 until April 30, 2002 at a price per share equal to 140 percent of the closing bid price on May 8, 2000. In this financing, the company sold 1,000,000 units. "Over the next few months, the company intends to raise additional funds to enable a full rollout of the company's products in the U.S. and Europe and to launch the company's worldwide marketing campaign for Iceberg products," said Paul Benson, President and CEO. "This private placement reflected the price of our stock earlier this year, prior to our listing on the NASD Over-the-Counter Bulletin Board. We expect the next stage of the private placement to be tied to our current stock price." Lewis Stoyles, Chief Financial Officer, also noted, "We are also pleased to announce that SISM Research and Investment Service Zurich, Switzerland has initiated research coverage of the company. Copies of their most recent report can be obtained by contacting Lewis Stoyles at 709/739-5731 or by contacting SISM at 011 41-881-2020." The report is also available on Multex.com or at SISM's Web site at