5 Jan 2006capital raising announcement▼ BadMajor
GSV settled and ended the lease on its former Jersey City offices with 116 Newark Avenue Corporation, paying $70,000 cash, issuing a $356,249.04 note (7%, due November 29, 2007), issuing 200,000 Series C preferred shares and covering $10,000 of legal fees. Polystick guaranteed the note and pledged 356,249 of its Series B shares as security. The new Series C preferred has a $1.00 per share liquidation preference over common stock and converts one-for-one into common.