By Sheri Kasprzak
New York, March 9 - IGI, Inc. closed a $1.5 million private placement with Pharmachem Laboratories, Inc.
Pharmachem bought 1.5 million shares in the offering.
The company had previously replaced a $1 million line of credit from Pharmachem with a $1 million revolving line of credit with Pinnacle Mountain Partners, LLC.
Proceeds from the placement will be used to repay debt owed to Univest Management EPSP.
IGI, based in Buena, N.J., is a cosmetics and skincare company.
| Issuer: | IGI, Inc.
|
| Issue: | Stock
|
| Amount: | $1.5 million
|
| Shares: | 1.5 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Investor: | Pharmachem Laboratories, Inc.
|
| Settlement date: | March 9
|
| Stock symbol: | Amex: IG
|
| Stock price: | $1.04 at close March 9
|
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