18.75 million shares sold to pay off or convert $4.2 million of debt
By Devika Patel
Knoxville, Tenn., Aug. 20 – Abakan Inc. said it plans a $7.5 million private placement of stock.
The company will sell 18.75 million common shares at $0.40 per share, a 42.03% discount to the Aug. 19 closing share price of $0.69.
Proceeds will be used to pay off or convert more than $4.2 million of debt and to provide working capital.
The Miami company develops, manufactures and markets advanced nanocomposite materials, innovative fabricated metal products, and engineered metal composites for applications in oil and gas, petrochemical, mining, aerospace and defense, energy, infrastructure and processing industries.
| Issuer: | Abakan Inc.
|
| Issue: | Common stock
|
| Amount: | $7.5 million
|
| Shares: | 18.75 million
|
| Price: | $0.40
|
| Warrants: | No
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| Pricing date: | Aug. 20
|
| Stock symbol: | OTCBB: ABKI
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| Stock price: | $0.69 at close Aug. 19
|
| Market capitalization: | $42.56 million
|
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