Company sells 5 million common shares at $0.20 per share through deal
By Devika Patel
Knoxville, Tenn., Oct. 6 – Confederate Motors, Inc. said it plans a $1 million private placement of stock.
The company will sell 5 million common shares at $0.20 per share, a 20% discount to the closing share price of $0.25 on Oct. 5.
Proceeds will be used to increase production to at least two motorcycles per week.
Birmingham, Ala.-based Confederate Motors manufactures street motorcycles.
| Issuer: | Confederate Motors, Inc.
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| Issue: | Common stock
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| Amount: | $1 million
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| Shares: | 5 million
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| Price: | $0.20
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| Warrants: | No
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| Pricing date: | Oct. 6
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| Stock symbol: | OTCBB: CFED
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| Stock price: | $0.25 at close Oct. 5
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| Market capitalization: | $6.48 million
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