Delphax Technologies Inc. (OTCPK:DLPX) announced a private placement of 43,000 series B preferred stock at $24.4186 per stock for gross proceeds of $1,050,000 from new investor Air T Inc. (NasdaqCM:AIRT) on October 2, 2015. The company will also issue warrants to purchase 95,600 shares of series B preferred stock at an exercise price of $33.4728 per share. Each share of series B preferred stock will convert into 100 shares of common stock of the company.

No dividends will be paid with respect to the preferred stock. As part of the transaction, Nick Swenson, Chief Executive Officer of Air T, Inc, will join the board of directors of the company. The closing of the transaction is dependent on satisfaction of specific closing conditions including approval from the shareholders of the company.