InterMetro Communications Inc. announced that it expects to receive $2 million in funding.
On the same date, the company issued 501,000 series B convertible preferred shares at a price of $1 per share for gross proceeds of $501,000 to a single investor. The preferred shares are convertible into common shares of the company at a conversion price of $0.15 per share. The shares generally may be redeemed by the company for $1.25 per share plus payment of any accrued but unpaid dividends. The company also issued 501,000 warrants to purchase common shares of the company at an exercise price of $0.20 per share.