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UPDATE 1-Think Partnership to sell $26.5 mln preferred stock
Tue Mar 21, 2006 10:47 AM ET
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March 21 (Reuters) - Think Partnership Inc. (THK.A: Quote, Profile, Research) on Tuesday said it has agreed to sell $26.5 million of series A convertible preferred shares to fund its purchase of Litmus Media Inc.

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UPDATE 1-Think Partnership to sell $26.5 mln preferred stock
Think Partnership to sell $26.5 mln preferred stock
The company said in a statement it expects net proceeds of about $24.8 million from a private placement to institutional investors.

Think Partnership, which provides marketing, advertising, and related services, said holders of preferred stock will intially be paid dividends on their holdings equivalent to 10 percent of the face value of the preferred stock.

The holders will also have the right to convert their holdings into shares of common stock at $2 a share.

In addition, Think Partnership will issue warrants to the institutional investors, exercisable for five years, to buy up to 5.3 million common shares at an initial exercise price of $2.50 a share. (Reporting by Nupur Sen in Bangalore)