WavePhore Inc, the Phoenix, Arizona data broadcasting company, has raised $24m with a private placement of Series C convertible preferred shares priced at $1,000 each. The non-voting shares, which carry an annual dividend rate of 6%, were placed with six institutional investors led by an affiliate of Credit Suisse First Boston. The company will use the money for working capital, the Paracel Online Systems Inc acquisition and possible other acquisitions in the information services and data broadcasting business.
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