CHARLOTTESVILLE, Va.-First Avenue Networks, which holds a 39 GHz license portfolio, announced it has secured $4 million in equity financing through a private placement of common stock.
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Investors received 1.1 million shares of common stock and warrants to purchase another 1.1 million shares exercisable at $1.84 per share. The purchase price of each share and warrant was $3.60. In addition, the maturity of the company’s outstanding 9-percent senior secured notes was extended from Dec. 20, 2006, to Dec. 20, 2008.