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Payment Data Systems selling common shares

Payment Data Systems Inc. has agreed to the sale and issuance of 1,176,000 of its common shares to institutional investors in a registered direct offering at $2.55 per share, for gross proceeds of approximately $3 million.

The offering is expected to close on or about Dec. 22.

After deducting the placement agent's commission and other estimated offering expenses payable by Payment Data, the net proceeds are expected to be approximately $2.8 million. The company intends to use the net proceeds for general corporate purposes and working capital.

Maxim Group LLC is acting as the exclusive placement agent for this offering.