Company sells units of shares with two-year warrants at $0.10 per unit
By Devika Patel
Knoxville, Tenn., Dec. 12 - 5BARz International Corp. completed a $2.72 million private placement of units between July 25 and Nov. 18, according to an 8-K filed Thursday with the Securities and Exchange Commission. The securities were sold for $2.12 million in cash and to settle debts of $604,410.
The company sold 27,213,904 units of one common share and one warrant at $0.10 per unit.
Each two-year warrant is exercisable at $0.30. The strike price is a 76.47% premium to the July 24 closing share price of $0.17.
Proceeds will be used for general working capital purposes.
The Mission Viejo, Calif.-based company is the exclusive worldwide distributor of 5BARz Cellular Network Extender products developed by Cellynx.
Issuer: | 5BARz International Corp.
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Issue: | Units of one common share and one warrant
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Amount: | $2,721,390 ($2.12 million in cash and to settle debts of $604,410)
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Units: | 27,213,904
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Price: | $0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | $0.30
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Settlement date: | July 25 through Nov. 18
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Stock symbol: | OTCBB: BARZ
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Stock price: | $0.17 at close July 24
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Market capitalization: | $31.02 million
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