Company is selling 6 million common shares at $1.00 per share in deal
By Devika Patel
Knoxville, Tenn., Nov. 22 - Ener-Core, Inc. raised $1.5 million in the initial tranche of a $6 million private placement of stock on Nov. 18, according to an 8-K filed Friday with the Securities and Exchange Commission. Merriman Capital, Inc. is the agent.
The company is selling 6 million common shares at $1.00 per share. The price per share is a 34.64% discount to the Nov. 15 closing share price of $1.53.
Ener-Core sold 1.5 million shares in the first tranche.
Settlement of the final tranche is expected Dec. 31.
The Irvine, Calif., company designs and manufactures systems for producing continuous energy from a range of sources, including previously unusable ultra-low quality gas.
| Issuer: | Ener-Core, Inc.
|
| Issue: | Common stock
|
| Amount: | $6 million
|
| Shares: | 6 million
|
| Price: | $1.00
|
| Warrants: | No
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| Agent: | Merriman Capital, Inc.
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| Settlement date: | Nov. 18 (for $1.5 million), Dec. 31
|
| Stock symbol: | OTCBB: ENCR
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| Stock price: | $1.53 at close Nov. 15
|
| Market capitalization: | $108 million
|
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