By Sheri Kasprzak
New York, July 26 - Isco International, Inc. said it has completed a private placement of stock for $4.4 million.
The company sold a total of 20 million shares at $0.22 each to Grace Brothers Ltd., Elliot Associates, LP and Elliott International, LP - all funds managed by Alexander Finance, LP and Manchester Securities Corp., the company's two largest shareholders.
Elliott Associates bought 500,000 shares, Elliott International bought 9.5 million shares and Grace purchased 10 million shares.
Also, Manchester and Alexander have agreed to extend the maturity on $10 million in notes. The notes will now mature on Aug. 1, 2007. The notes had originally been due on April 1, 2006.
Proceeds from the private placement will be used for product development and working capital.
Based in Elk Grove Village, Ill., Isco International develops products that eliminate or reduce interference in wireless devices.
| Issuer: | Isco International, Inc.
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| Issue: | Stock
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| Amount: | $4.4 million
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| Shares: | 20 million
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| Price: | $0.22
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| Warrants: | No
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| Investors: | Grace Brothers Ltd., Elliot Associates, LP and Elliott International, LP
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| Settlement date: | July 25
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| Stock price: | $0.28 at close July 25
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