Izea completes $3.56 million placement of units with $695,000 tranche

Offering's proceeds will be used for general working capital purposes

By Devika Patel

Knoxville, Tenn., Sept. 23 - Izea Inc. settled a $695,000 final tranche of a $3.56 million private placement of units between Sept. 17 and Sept. 23, according to an 8-K filed Monday with the Securities and Exchange Commission. MDB Capital Group, LLC was the agent for the deal, which raised $2.3 million on Aug. 15 and $562,500 between Aug. 26 and Aug. 30.

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, Fla., company that connects social media publishers with advertisers.

Issuer:	Izea Inc.
Issue:	Units of 100,000 common shares and two warrants for 100,000 shares
Amount:	$3,559,500
Price:	$25,000
Warrants:	Two warrants for 100,000 shares per unit
Warrant expiration:	Five years
Warrant strike price:	$0.25, $0.50
Settlement date:	Aug. 15 (for $2,302,000), Aug. 26 through Aug. 30 (for $562,500), Sept. 17 through Sept. 23 (for $695,000)
Stock symbol:	OTCBB: IZEA
Stock price:	$0.35 at close Aug. 14
Market capitalization:	$2.66 million

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