By Sheri Kasprzak
New York, Aug. 11 - Detto Technologies, Inc. said it has closed a private placement of shares for $1 million.
The company sold 2 million shares at $0.50 each to an accredited investor.
As part of the agreement, the investor received the right to purchase, in a subsequent offering, 10% of the securities up for grabs at $0.50.
The investors also received a warrant for 100,000 shares, exercisable at $1.00 each through Aug. 4, 2010.
Marino & Co. was the placement agent.
Based in Bellevue, Wash., Detto Technologies produces networking software to move files from one personal computer to another.
| Issuer: | Detto Technologies, Inc.
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| Issue: | Stock
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| Amount: | $1 million
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| Shares: | 2 million
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| Price: | $0.50
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| Warrants: | For 100,000 shares
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| Warrant expiration: | Aug. 4, 2010
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| Warrant strike price: | $1.00
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| Placement agent: | Marino & Co.
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| Settlement date: | Aug. 8
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| Stock price: | $0.74 at close Aug. 8
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