Deal also includes warrants; proceeds fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 10 - Janel World Trade Ltd. arranged a $500,000 private placement of stock with Oaxaca Group LLC on Oct. 6, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 7,692,308 common shares at $0.065 apiece. The price per share is a 30% premium to the Oct. 4 closing share price of $0.05.
The investors also will receive warrants for 12.5 million shares. Each five-year warrant is exercisable at $0.08, a 60% discount to the Oct. 4 closing share price.
Settlement is expected Nov. 1.
Proceeds will be used for general corporate purposes.
The Jamaica, N.Y., company provides logistics services for importers and exporters worldwide.
| Issuer: | Janel World Trade Ltd.
|
| Issue: | Common shares
|
| Amount: | $500,000
|
| Shares: | 7,692,308
|
| Price: | $0.065
|
| Warrants: | For 12.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.08
|
| Investor: | Oaxaca Group LLC
|
| Pricing date: | Oct. 6
|
| Settlement date: | Nov. 1
|
| Stock symbol: | OTCBB: JLWT
|
| Stock price: | $0.05 at close Oct. 4
|
| Market capitalization: | $1.15 million
|
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