By Sheri Kasprzak
New York, Jan. 23 - eMerge Interactive, Inc. said it entered into an agreement for a $2.88 million private placement.
The company will sell 8 million shares at $0.36 each.
The investors will receive warrants for 5 million shares, exercisable for five years at a price equal to 110% of the closing market price on the day before the private placement closes.
Also, the investor agreed to exercise an existing warrant for 800,000 shares at $0.36 each, for additional proceeds of $300,000.
The deal is slated to close within 15 days.
eMerge, based in Sebastian, Fla., is a technology company focused on developing contamination detection systems used in the foodservice sector.
| Issuer: | eMerge Interactive, Inc.
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| Issue: | Stock
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| Amount: | $2.88 million
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| Shares: | 8 million
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| Price: | $0.36
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| Warrants: | For 5 million shares
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| Warrant strike price: | Equal to 110% of the closing market price on the day before the private placement closes
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| Announcement date: | Jan. 23
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| Stock symbol: | Nasdaq: EMRG
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| Stock price: | $0.46 at close Jan. 23
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