Company Performance Metrics
AppOnline.com, Inc. a fast-growing Internet mortgage company, announced is has completed the private placement of 4,000 shares of Convertible Preferred Stock to Excalibur Limited Partnership and B.H. Capital, a division of Reichmann International, raising proceeds of $4 million. Each share of Convertible Preferred Stock converts into shares of
Common Stock based on a percentage of the market price of Common Stock, subject to an absolute conversion floor, which limits the absolute number of shares of Common Stock which may be issued. The Company previously raised $2 million in gross proceeds from Business Homes Capital in October 1999 in a similar transaction.
In addition to general corporate purposes, the Company intends to use the proceeds towards the continued expansion of its online business.
