OKLAHOMA CITY, April 3, 2014 /PRNewswire/ -- PSM Holdings,
Inc., (OTCQB: PSMH) is pleased to announce it has issued 1,800
units of Series C Convertible Preferred Stock and 1,400 units of
Series D Convertible Preferred Stock for gross proceeds of
$3,200,000. LB Merchant invested
$1,800,000 in the Series C
Convertible Preferred Stock. Two institutional investors and one
individual investor invested an additional $1,400,000 in the Series D Convertible Preferred
Stock.
Both the Series C and Series D have a face value of $1,000 per share and are convertible into the
Company's common stock at a conversion price of $0.08 per common share, subject to certain
anti-dilution provisions. Both the Series C and Series D earn a 6%
cash dividend, paid quarterly. In addition, both the Series C and
Series D have certain liquidation preferences and customary
protective provisions.
"We have worked diligently the last few quarters to put the
pieces in place that will allow us to execute our growth plan,
including building our delegated platform, upgrading our internal
systems and recruitment of numerous groups to our platform.
This funding was the final piece necessary for us to execute our
plans," said Jeff Smith, Chairman of
PSM Holdings, Inc.
Littlebanc Advisors, LLC acted as exclusive placement agent for
both the Series C and the Series D shares.
Additional information concerning the transaction is provided in
the Company's Current Report on Form 8-K filed with the Securities
and Exchange Commission on April 3,
2014.
About PSM Holdings, Inc.
PSM Holdings, Inc., through its wholly owned subsidiary, Prime
Source Mortgage, Inc. (PSMI) provides mortgage brokerage and
banking services across the United
States. For more information
visit http://www.psmholdings.com. To access the
Company's most recent investor presentation visit,
http://ir.stockpr.com/psmholdings/profile.
Forward-Looking Statements:
Certain statements contained herein, including, without
limitation, statements containing the words "believes," "intends"
and other words of similar import, constitute "forward-looking
statements" within the meaning of Section 7A of Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of PSM Holdings, Inc.
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. PSM
Holdings, Inc. disclaims any obligation to update or to announce
publicly the results of any revision of the forward-looking
statements contained or incorporated by reference herein to reflect
future events or developments.
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SOURCE PSM Holdings, Inc.