By Sheri Kasprzak
New York, May 30 - Innovative Card Technologies Inc. concluded an $11,356,500 private placement.
The company issued 3,785,500 shares at $3.00 apiece to a group of institutional investors.
T.R. Winston & Co. was the placement agent.
The proceeds will be used to retain and extend global exclusivity agreements with strategic partners and vendors, to research and develop new applications using the company's power inlay technologies and to secure materials for DisplayCard production. The rest will be used for the acquisition of DisplayCard assets from nCryptone and for general corporate purposes.
Los Angeles-based Innovative Card Technologies develops the one-time password DisplayCard used for secure online transactions.
| Issuer: | Innovative Card Technologies Inc.
|
| Issue: | Stock
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| Amount: | $11,356,500
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| Shares: | 3,785,500
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| Price: | $3.00
|
| Warrants: | No
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| Placement agent: | T.R. Winston & Co.
|
| Settlement date: | May 30
|
| Stock symbol: | OTCBB: INVC
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| Stock price: | $3.55 at close May 29
|
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