Proceeds used for licensing deal with Dresser-Rand, corporate purposes
By Devika Patel
Knoxville, Tenn., May 1 – Ener-Core, Inc. said it plans an $810,000 private placement of stock.
The company will sell 5.4 million restricted common shares at $0.15 per share. The price per share is a 34.78% discount to the April 30 closing share price of $0.23.
Bard & Associates will participate.
Settlement is expected Friday.
Proceeds will be used placement for general corporate purposes and the capital requirements for the company’s global licensing agreement with Dresser-Rand Co.
“We are pleased to be able to attract new, high-quality investors to our shareholder base. Bard & Associates are well known to have a long-term holding strategy, and we appreciate their support as we execute our growth plans and technological milestones,” chief executive officer Alain Castro said in a press release.
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: | Restricted common shares
|
| Amount: | $810,000
|
| Shares: | 5.4 million
|
| Price: | $0.15
|
| Warrants: | No
|
| Investor: | Bard & Associates
|
| Settlement date: | May 1
|
| Stock symbol: | OTCBB: ENCR
|
| Stock price: | $0.23 at close April 30
|
| Market capitalization: | $24.43 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
