By Devika Patel
Knoxville, Tenn., March 16 - Inksure Technologies Inc. settled a $3.13 million private placement of stock on March 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 25 million common shares at $0.125 per share.
The company used the proceeds to retire all $2 million of its senior secured convertible notes, which was all of it outstanding convertible debt. An additional $1 million of the proceeds was used to replenish the $1 million used to fund the company's Jan. 19 convertible debt purchase.
Based in Fort Lauderdale, Fla., Inksure develops security technologies used to detect counterfeit items.
| Issuer: | Inksure Technologies Inc.
|
| Issue: | Common stock
|
| Amount: | $3,125,000
|
| Shares: | 25 million
|
| Price: | $0.125
|
| Warrants: | No
|
| Agent: | Hunter Wise Securities, LLC
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: INKS
|
| Stock price: | $0.35 at close March 11
|
| Market capitalization: | $7.08 million
|
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