By Devika Patel
Knoxville, Tenn., Jan. 8 - Environmental Service Professionals, Inc. settled a $5 million private placement of units on Jan. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 5 million units at $1.00 apiece to Lion Share Capital, LLC. The units each consist of four common shares.
Lion Share also will receive three three-year warrants for every two units purchased. One of the three warrants is exercisable at $0.25; the remaining two warrants are exercisable at $0.75.
The company will receive the proceeds on Feb. 15.
Environmental Service Professionals is a Palm Springs, Calif. -based company, which franchises the right to operate a business that provides limited mold, moisture and allergen survey services for residential and commercial buildings using the company's mandatory central call center.
| Issuer: | Environmental Service Professionals, Inc.
|
| Issue: | Units of four common shares
|
| Amount: | $5 million
|
| Units: | 5 million
|
| Price: | $1.00
|
| Warrants: | Three warrants for every two units bought
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.25 (one of the three warrants), $0.75 (two of the three warrants)
|
| Investor: | Lion Share Capital, LLC
|
| Settlement date: | Jan. 7
|
| Stock symbol: | OTCBB: EVSP
|
| Stock price: | $0.06 at close Jan. 7
|
| Market capitalization: | $3.15 million
|
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