By Sheri Kasprzak
Atlanta, June 2 - Common Horizons, Inc. said it has wrapped up the first tranche of a private placement for $2,175,000.
The company sold 87 units at $25,000 each to accredited investors.
As part of the offering, the company received $1,725,000 in cash and three investors converted $450,000 in promissory notes purchased from subsidiary Novelos Therapeutics, Inc.
The units include 20,000 shares each and one warrant for 10,000 shares. The warrants are exercisable at $2.25 each for three years.
The company may sell up to 400 units in the offering for potential total proceeds of $10 million with an option to sell an additional 60 units.
vFinance Investments Inc. was the placement agent in the offering. Common Horizons has the option to sell up to 15% of the units without the agent.
Based in Newton, Mass., Common Horizons provides support services for clients who suffer emotional trauma from family illnesses or death.
| Issuer: | Common Horizons, Inc.
|
| Issue: | Units of 20,000 shares and 10,000 warrants
|
| Amount: | $2,175,000 ($1,725,000 in cash; $450,000 in conversions)
|
| Units: | 87
|
| Price: | $25,000
|
| Warrants: | One warrant for 10,000 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.25
|
| Placement agent: | vFinance Investments Inc.
|
| Settlement date: | May 27
|
|
|
© 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.
