Proceeds used for general working capital; shares sold at $0.15 apiece
By Devika Patel
Knoxville, Tenn., Sept. 19 – Ener-Core, Inc. said it plans a $4 million private placement of stock. Chardan Capital Markets LLC is the lead agent.
The company will sell 26,666,667 restricted common shares at $0.15 per share. The price per share is a 54.55% discount to the Sept. 18 closing share price of $0.33.
Settlement is expected on Sept. 23.
Proceeds will be used for general working capital.
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.
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| Issue: | Restricted common shares
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| Amount: | $4 million
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| Shares: | 26,666,667
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| Price: | $0.15
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| Warrants: | No
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| Agent: | Chardan Capital Markets LLC (lead)
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| Pricing date: | Sept. 19
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| Settlement date: | Sept. 23
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| Stock symbol: | OTCBB: ENCR
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| Stock price: | $0.33 at close Sept. 18
|
| Market capitalization: | $19.35 million
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