By Devika Patel
Knoxville, Tenn., Oct. 5 - Deep Down, Inc. said it reached an agreement on Oct. 2 with Ironman Energy Capital, LP to close a $3 million private placement of shares, according to a company press release.
The company sold 3,125,000 shares at $0.96 apiece.
Closing is expected on Oct. 12.
Proceeds will be used for working capital and general corporate purposes, Deep Down chief financial officer Eugene L. Butler said in the release.
Deep Down, based in Channelview, Texas, is a pipe installation engineering and management company.
| Issuer: | Deep Down, Inc.
|
| Issue: | Ordinary shares
|
| Amount: | $3 million
|
| Shares: | 3,125,000
|
| Price: | $0.96
|
| Warrants: | No
|
| Agent: | Ironman Energy Capital, LP
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 12
|
| Stock symbol: | OTCBB: DPDW
|
| Stock price: | $1.03 at close Oct. 2
|
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