X-Factor Communications Holdings, Inc. announced that it has received $0.6 million in funding from Hillcrest Financial LLC and other investors.
On June 24, 2013, the company announced that it has received $225,000 in first tranche. The company issued 401,787 shares to two accredited investors. The investors received 401,787 A warrants and 401,787 B warrants.
On July 8, 2013, X-Factor Communications Holdings, Inc. closed the transaction. The company announced that it has received $375,000 in its second tranche. The company issued 669,644 shares to three accredited investors. The company will issue common stock and option, warrant or other right to acquire another security pursuant to exemption provided under Regulation D. The transaction included participation from 5 investors including Hillcrest Financial, LLC which invested $125,000 for 223,215 shares, 223,215 A warrants, and 223,215 B warrants. The investors received three year, 669,644 A warrants at an exercise price of $1.10 per share and five year, 669,644 B warrants at an exercise price of $2.20 per share. Wynston Hill Capital LLC acted as placement agent to the company and received cash commission of $25,000. The placement agent will receive cash commission equal to 10% of the gross proceeds raised and warrants to purchase 10% of the total number of shares of common stock sold in the transaction, each solely with respect to investors introduced by the placement agent.