Proceeds used for development of the FreeButton Gamification Platform
By Devika Patel
Knoxville, Tenn., Nov. 20 - FreeButton Inc. raised $35,000 in the initial tranche of a private placement of stock on Nov. 14, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced for between $550,000 and $1.25 million Oct. 8.
The company is selling restricted common shares at $0.35 per share. The price per share is a 58.33% discount to the Oct. 7 closing share price of $0.84.
FreeButton sold 100,000 shares in the first tranche.
Proceeds will be used for development of the company's FreeButton Gamification Platform, roll-out of VideoStakes, the company's video engagement and social sharing platform, marketing and advertising efforts and general corporate purposes
The Encinitas, Calif., company operates sweepstakes websites.
| Issuer: | FreeButton Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $550,000 (minimum), $1.25 million (maximum)
|
| Price: | $0.35
|
| Warrants: | No
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| Pricing date: | Oct. 8
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| Settlement date: | Nov. 14 (for $35,000)
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| Stock symbol: | OTCBB: FBTN
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| Stock price: | $0.84 at close Oct. 7
|
| Market capitalization: | $28.84 million
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