New Issue: Finotec wraps $2.49 million private placement of shares

By Devika Patel

Knoxville, Tenn., Nov. 10 - Finotec Group, Inc. completed a $2.49 million private placement of stock on Nov. 2, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company sold 12,724,444 common shares at $0.18 per share and 800,000 common shares at $0.25 per share.

Investors also received warrants for 5,777,776 common shares, exercisable at $0.45, and warrants for 400,000 shares, exercisable at $0.50.

Finotec is based in New York.

Issuer:	Finotec Group, Inc.
Issue:	Common stock
Amount:	$2,490,399.92
Shares:	13,524,444
Price:	$0.18 (for 12,724,444 shares), $0.25 (for 800,000)
Warrants:	For 6,177,776 shares
Warrant strike price:	$0.45 (for 5,777,776 shares), $0.50 (for 400,000 shares)
Settlement date:	Nov. 2
Stock symbol:	OTCBB: FTGI
Stock price:	$0.26 at close Oct. 31

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