Offering's proceeds will be used for general working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 21 - Izea Inc. settled a $2.3 million private placement of units on Aug. 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission. MDB Capital Group, LLC was the agent.
The company sold units of 100,000 common shares and two warrants for 100,000 shares at $25,000 per unit.
The first warrant is exercisable for 50,000 shares at $0.25 for five years. The second warrant is exercisable for 50,000 shares at $0.50 for five years. The strike prices are a 28.57% discount and 42.86% premium to the Aug. 14 closing share price of $0.44.
Proceeds will be used for general working capital purposes.
Izea is an Orlando company that connects social media publishers with advertisers.
Issuer: | Izea Inc.
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Issue: | Units of 100,000 common shares and two warrants for 100,000 shares
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Amount: | $2,302,000
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Price: | $25,000
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Warrants: | Two warrants for 100,000 shares per unit
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Warrant expiration: | Five years
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Warrant strike price: | $0.25, $0.50
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Settlement date: | Aug. 15
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Stock symbol: | OTCBB: IZEA
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Stock price: | $0.35 at close Aug. 14
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Market capitalization: | $2.79 million
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