October 22, 2009 (FinancialWire) — COPsync, Inc. (OTCBB: COYN), a software technology provider to law enforcement and emergency service professionals, has successfully completed an equity private placement of its convertible preferred stock, receiving approximately $1.5 million in gross proceeds and commitments. The preferred stock carries a 7% coupon and is convertible into common stock at $0.10 per share. The investors also received 20% warrant coverage at a strike price of $0.20.

The private placement was completed pursuant to a Securities Purchase Agreement, dated October 14, 2009. Under the terms of the purchase agreement, the company agreed to sell to the investors an aggregate of 375,000 shares of the company’s newly designated series B convertible preferred stock, which is convertible in an aggregate of 15,000,000 shares of the company’s common stock, and warrants to purchase an aggregate of 3,000,000 shares of common stock. The warrants have an exercise price of $0.20 per share of common stock, and expire on October 14, 2011.

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