By Devika Patel
Knoxville, Tenn., Sept. 21 - GetFugu, Inc. arranged a private placement of stock for $5 million on Sept. 18, according to an 8-K filed Monday with the Securities and Exchange Commission. It has already raised $1.5 million at pricing.
The company will sell 10 million common shares at $0.50 per share. The investors also will receive warrants for 5 million shares, which are exercisable at $0.01.
Getfugu sold 3 million shares in the first tranche, along with warrants for 1.5 million shares.
Rowayton, Conn.'s GetFugu is developing next generation mobile search tools.
| Issuer: | GetFugu, Inc.
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| Issue: | Common stock
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| Amount: | $5 million
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| Shares: | 10 million
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| Price: | $0.50
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| Warrants: | For 5 million shares
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| Warrant strike price: | $0.01
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 18 (for $1.5 million)
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| Stock symbol: | OTCBB: GFGU
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| Stock price: | $0.70 at close Sept. 18
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| Market capitalization: | $113 million
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