Company sells restricted common shares at $0.10 apiece with warrants
By Devika Patel
Knoxville, Tenn., Aug. 12 - International Fuel Technology, Inc. concluded a $1.03 million private placement of stock on Aug. 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 10,283,000 restricted common shares at $0.10 apiece. The price per share is a 41.18% discount to $0.17, the Aug. 8 closing share price.
Investors also received warrants for 2,570,750 shares. The warrants are exercisable at $0.25 until July 31, 2016. The strike price is a 47.06% premium to the Aug. 8 closing price.
Based in St. Louis, International Fuel is focused on an additive technology intended to enhance the combustion efficiency of liquid hydrocarbon fuels.
| Issuer: | International Fuel Technology, Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $1,028,300
|
| Shares: | 10,283,000
|
| Price: | $0.10
|
| Warrants: | For 2,570,750 shares
|
| Warrant expiration: | July 31, 2016
|
| Warrant strike price: | $0.25
|
| Settlement date: | Aug. 9
|
| Stock symbol: | OTCBB: IFUE
|
| Stock price: | $0.21 at close Aug. 9
|
| Market capitalization: | $17.23 million
|
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