Offering expected to finance general working capital purposes
By Devika Patel
Knoxville, Tenn., Feb. 13 - Envision Solar International, Inc. increased a private placement of units to $2.19 million from $1.3 million on Feb. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission. As of Feb. 13, the company has raised $1.45 million.
The company will now sell 7.3 million units of two common shares and one warrant at $0.30 per unit. Each warrant is exercisable at $0.20 for one year. The strike price is a 23.08% discount to the Feb. 7 closing share price of $0.26.
Settlement is expected on March 15.
Proceeds will be used for general working capital purposes.
The solar project and technology developer is based in San Diego.
| Issuer: | Envision Solar International, Inc.
|
| Issue: | Units of two common shares and a warrant
|
| Amount: | $2.19 million
|
| Units: | 7.3 million
|
| Price: | $0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.20
|
| Upsized: | Feb. 8
|
| Settlement date: | Feb. 13 (for $1,453,500), March 15
|
| Stock symbol: | OTCBB: EVSI
|
| Stock price: | $0.26 at close Feb. 7
|
| Market capitalization: | $13.36 million
|
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