By Devika Patel
Knoxville, Tenn., Jan. 2 - TOR Minerals International, Inc. said it has taken in $1.89 million from a private placement of units. The deal priced for $2.1 million on Sept. 15.
The company sold 63 investment units at $30,000 per unit.
Each unit consists of 25,000 common shares and a warrant to purchase an additional 25,000 common shares. Each warrant is exercisable at $2.00 per share for three years.
Proceeds will be used for working capital purposes.
Based in Corpus Christi, Texas, TOR Minerals is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications, including synthetic titanium dioxide, color pigments, specialty aluminas and other high performance mineral fillers.
| Issuer: | TOR Minerals International, Inc.
|
| Issue: | Units of 25,000 common shares and a warrant for an additional 25,000 common shares
|
| Amount: | $1.89 million
|
| Units: | 63
|
| Price: | $30,000
|
| Warrants: | One warrant for 25,000 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Pricing date: | Sept. 15
|
| Settlement date: | Jan. 2
|
| Stock symbol: | Nasdaq: TORM
|
| Stock price: | $1.30 at close Sept. 12
|
| Market capitalization: | $6.14 million
|
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