Zanett Opportunity Fund and E. Wayne Kinsey III invest in company
By Devika Patel
Knoxville, Tenn., Aug. 23 - Integrated Environmental Technologies, Ltd. raised $976,125 in private placements of units and convertible debentures, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company sold $500,000 of units to E. Wayne Kinsey III on Aug. 17 and $476,125 of convertibles to Zanett Opportunity Fund, Ltd. on Aug. 21.
The company sold 6.25 million units of one common share and a half-share warrant at $0.08 per unit. The whole, three-year warrants are exercisable $0.20, a 300% premium to the Aug. 16 closing share price of $0.05.
The convertibles accrue interest at 8% per year.
The Little River, S.C., company produces and sells hypochlorous acid as well as an anti-oxidizing, mildly alkaline solution that provide an environmentally friendly alternative for cleaning, sanitizing and disinfecting.
| Issuer: | Integrated Environmental Technologies, Ltd.
|
| Issue: | Units of one common share and a half-share warrant, convertible debenture
|
| Amount: | $976,125
|
| Stock symbol: | OTCBB: IEVM
|
| Market capitalization: | $6.86 million
|
|
|
| Units
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| Amount: | $500,000
|
| Units: | 6.25 million
|
| Price: | $0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.20
|
| Investor: | E. Wayne Kinsey III
|
| Settlement date: | Aug. 17
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| Stock price: | $0.05 at close Aug. 16
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|
|
| Convertibles
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| Amount: | $476,125
|
| Coupon: | 8%
|
| Warrants: | No
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| Investor: | Zanett Opportunity Fund, Ltd.
|
| Settlement date: | Aug. 21
|
| Stock price: | $0.06 at close Aug. 20
|
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