By Sheri Kasprzak
Atlanta, Nov. 24 - Verticalnet Inc. closed a private placement for $6.1 million, the company said Wednesday.
The company sold 5,519,989 shares at $1.10 each to institutional investors.
The investors also received warrants to buy 2.2 million shares at $1.35 each.
Based in Malvern, Pa., Verticalnet is a supply management company. It plans to use the proceeds from the deal for working capital.
| Issuer: | Verticalnet Inc.
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| Issue: | Stock
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| Amount: | $6.1 million
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| Shares: | 5,519,989
|
| Price: | $1.10
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| Warrants: | For 2.2 million shares
|
| Warrant strike price: | $1.35
|
| Settlement date: | Nov. 24
|
| Stock price: | $1.26 at close Nov. 24
|
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