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Payment Data Systems closes common shares offering

Payment Data Systems Inc. has closed its registered direct offering of 1,176,000 common shares to institutional investors at $2.55 per share.

The net proceeds to the company were about $2.8 million, after deducting the placement agent's commission and other estimated offering expenses payable by the company.

Payment Data Systems intends to use the net proceeds of the offering for general corporate purposes and working capital.

Maxim Group LLC acted as the exclusive placement agent for the offering.