By Devika Patel
Knoxville, Tenn., Aug. 14 - Fashion Tech International Inc. completed the first tranche of a $20 million private placement of shares, raising $5 million, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1.8 million common shares at $2.78 per share.
Settlement of the entire deal is expected Sept. 28.
Fashion Tech is based in Heilongjiang, China.
| Issuer: | Fashion Tech International Inc.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Price: | $2.78
|
| Warrants: | No
|
| Settlement date: | Aug. 14 (for $5,004,000), Sept. 28
|
| Stock symbol: | OTCBB: FHTI
|
| Stock price: | $3.00 at close Aug. 14
|
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