Deal consists of units of 12,500 shares, warrants for 12,500 shares
By Devika Patel
Knoxville, Tenn., Aug. 22 - AirTouch Communications, Inc. said it completed a $12 million private placement of units with a $3.13 million tranche. It raised $3.74 million on July 29, $2.61 million on Aug. 5 and $2.53 million on Aug. 15. Dawson James Securities was the agent.
The company sold a total of 480 units of 12,500 common shares and warrants for 12,500 shares at $25,000.00 per unit.
The company sold 149.38 units in the first tranche, 104.52 units in the second, 101 units in the third tranche and 125.1 units in the final tranche.
Each warrant is exercisable at $3.00 for two years. The strike price reflects a 33.33% discount to the July 28 closing share price of $4.50.
Proceeds will be used for research and development activities, marketing, for working capital as well as general corporate purposes.
Based in Dana Point, Calif., AirTouch, formerly Waxess Holdings, Inc., is a technology company that develops and markets phone terminals capable of converging traditional landline, cellular and data services.
| Issuer: | AirTouch Communications, Inc.
|
| Issue: | Units of 12,500 common shares and warrants for 12,500 shares
|
| Amount: | $12 million
|
| Units: | 480
|
| Price: | $25,000.00
|
| Warrants: | Warrants for 25,000 shares per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $3.00
|
| Agent: | Dawson James Securities
|
| Settlement date: | July 29 (for $3,734,500), Aug. 5 (for $2,613,000), Aug. 15 (for $2,525,000), Aug. 22 (for $3,127,500)
|
| Stock symbol: | OTCBB: ATCH
|
| Stock price: | $4.75 at close July 29
|
| Market capitalization: | $39.68 million
|
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