By Sheri Kasprzak
Atlanta, Jan. 3 - Appliance Recycling Centers of America Inc. said it has raised $3.45 million in a private placement of shares.
The company sold 1.15 million shares at $3 each.
Lantern Investments Inc. was the underwriter in the offering.
Based in Minneapolis, Appliance Recycling buys and resells damaged and discontinued appliances from major manufacturers. The proceeds will be used to support the opening of additional ApplianceSmart factory outlets. The remainder of the funds will be used for general corporate purposes.
| Issuer: | Appliance Recycling Centers of America Inc.
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| Issue: | Stock
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| Amount: | $3.45 million
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| Shares: | 1.15 million
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| Price: | $3.00
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| Warrants: | No
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| Underwriter: | Lantern Investments Inc.
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| Settlement date: | Jan. 3
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| Stock price: | $4.60 at close Dec. 31 (last trade)
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