Deal raises proceeds for expansion of company’s oil and gas operations
By Devika Patel
Knoxville, Tenn., Feb. 13 – Integrated Environmental Technologies, Ltd. settled a $1.49 million private placement of units and stock on Feb. 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 7,575,758 units of one common share and one half-share warrant at $0.066 per unit. Each whole warrant is exercisable at $0.066 for three years. The strike price reflects a 10% premium to the Feb. 6 closing share price of $0.06.
Integrated Environmental also sold 36.5 million shares at $0.04 per share, a 33.33% discount to the Feb. 6 closing price.
Proceeds will be used for expansion of oil and gas operations.
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 one half-share warrant, shares
|
| Amount: | $1.49 million
|
| Price: | $0.25
|
| Settlement date: | Feb. 9
|
| Stock symbol: | OTCBB: IEVM
|
| Stock price: | $0.06 at close Feb. 6
|
| Market capitalization: | $16.96 million
|
|
|
| Units
|
| Amount: | $500,000
|
| Units: | 7,575,758
|
| Price: | $0.066
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.066
|
|
|
| Stock
|
| Amount: | $1.46 million
|
| Shares: | 36.5 million
|
| Price: | $0.04
|
| Warrants: | No
|
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