News

Global Axcess raises $2.4M in private placement

January 20, 2004

PONTE VEDRA, Fla. - Global Axcess Corp. (OTCBB:GLXS) says that it has completed a private placement of its common stock with a group of institutional and accredited investors for a total of $2.4 million. "urn:schemas-microsoft-com:office:office" />

According to a news release,the investor group was comprised of  approximately half institutional and half accredited investors.

The terms of the private placement provided for the sale of 4.8 million units at a price of 50 cents per unit. Each unit consists of two common shares and one warrant granting the investor the right to purchase one additional common share at 35 cents per share.

According to the release, Global's wholly owned subsidiary Nationwide Money Services owns and operates more than 1,600 ATMs spanning 39 states and provides proprietary ATM branding and processing (through another subsidiary, EFT Integration) for 35 financial institutions with more than 360 branded sites nationwide.