Company selling 12 million restricted common shares at $2.00 per share
By Devika Patel
Knoxville, Tenn., Jan. 30 – CannaVEST Corp. arranged a $24 million private placement of stock on Jan. 30, according to an 8-K filed Friday with the Securities and Exchange Commission. It has already raised $250,000.
The company is selling 12 million restricted common shares at $2.00 per share. The price per share is a 49.11% discount to the Jan. 27 closing share price of $3.93. CannaVEST 125,000 sold shares in the first tranche.
Proceeds will be used to expand operations and finance working capital needs.
The Las Vegas company sells products to the nutriceutical industry containing the hemp plant extract, Cannabidoil.
| Issuer: | CannaVEST Corp.
|
| Issue: | Restricted common stock
|
| Amount: | $24 million
|
| Shares: | 12 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Pricing date: | Jan. 28
|
| Settlement date: | Jan. 28 (for $250,000)
|
| Stock symbol: | OTCBB: CANV
|
| Stock price: | $3.93 at close Jan. 27
|
| Market capitalization: | $100.93 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
