By Sheri Kasprzak
New York, Feb. 21 - Hot Tuna (International) plc said it has completed a private placement for £2.5 million.
The company sold 5 million units at 50p each to three U.K.-based institutions and one E.U.-based institution.
The units include one share and one half-share warrant. Each whole warrant is exercisable at 60p for two years.
Proceeds will be used for business development.
Based in London, Hot Tuna is a surfing apparel company.
| Issuer: | Hot Tuna (International) plc
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| Issue: | Units of one share and one half-share warrant
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| Amount: | £2.5 million
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| Units: | 5 million
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| Price: | 50p
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | 60p
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| Settlement date: | Feb. 21
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| Stock symbol: | London: HTT
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| Stock price: | 55.5p at close Feb. 21
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