By Devika Patel
Knoxville, Tenn., May 20 - Energtek Inc. said it arranged a $1.5 million private placement of stock with EGFE DM Ltd.
The company will sell common shares at either $0.30 per share or at a 10% discount on a monthly average market closing price of Energtek shares, whichever is higher. The first tranche will settle for $150,000 at the end of the month.
Based in New York, Energtek is a development-stage natural gas storage and transportation technologies developer.
| Issuer: | Energtek Inc.
|
| Issue: | Common stock
|
| Amount: | $1.5 million
|
| Price: | $0.30 or a 10% discount, whichever is higher
|
| Warrants: | No
|
| Investor: | EGFE DM Ltd.
|
| Pricing date: | May 20
|
| Stock symbol: | Pink Sheets: EGTK
|
| Stock price: | $0.25 at close May 19
|
| Market capitalization: | $18.8 million
|
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