Terremark Seals $10.2M Stock Deal With Canadians

MIAMI-Terremark Worldwide Inc., hit hard by the telecommunications industry pullback in the past 18 months, is selling 17.6 million shares of its common stock at 58 cents per share in a $10.5 million deal with TD Global Finance, an affiliate of the Toronto-Dominion Bank.

The Canadian firm also has three call warrants to buy to an additional 3.5 million shares within the next six months at an average price of 67 cents.

Terremark’s common on the American Stock Exchange Tuesday closed at 51 cents per share, down 13 cents from 64 cents July 22. The stock’s 52-week high-low is $1.07 and 22 cents per share. The company has 199 million shares outstanding.