By Sheri Kasprzak
Atlanta, Feb. 4 - eAutoclaims Inc. has wrapped a private placement for $1,466,000.
The company sold 9,162,500 units at $0.16 each. The units are comprised of one share and one half-share warrant.
The whole warrants allow for an additional share at $0.30 each for three years.
The closing is just a portion of the offering, which includes a total of 15,625,000 units at $0.16 each for proceeds of $2.5 million.
The proceeds will be used to continue investment in the Special Markets Division and for general corporate purposes.
eAutoclaims also said it has received approval from holders of 4,678,716 units from a May 2004 private placement to offer 50% of the total potential true-up units offered in the original deal. The company issued 2,339,358 units of one share and one warrant as part of the amendment.
Under the terms of the original financing, eAutoclaims agreed to issue up to an additional 100% of the units if it did not meet certain production targets in March and August 2005 under its ADP co-marketing agreement. The agreement releases the company from its remaining August 2005 target volume commitment.
Under the terms of the original agreement, eAutoclaims sold 9,004,429 units of one share and one warrant at $0.28 each. The warrants allow for an additional share at $0.35 each for three years.
Based in Oldsmar, Fla., eAutoclaims provides internet-based vehicle collision claims services to insurance companies.
| Issuer: | eAutoclaims Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $1,466,000
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| Units: | 9,162,500
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| Price: | $0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.30
|
| Settlement date: | Feb. 4
|
| Stock price: | $0.299 at close Feb. 4
|
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