Investor also receives warrant for 33,333,333 common shares
By Angela McDaniels
Tacoma, Wash., Feb. 6 - LaserLock Technologies, Inc. sold $1 million of preferred stock to VerifyMe, Inc. under a subscription agreement on Jan. 31.
VerifyMe purchased 33,333,333 preferreds for $0.03 each.
The investor also received a warrant for 33,333,333 shares. The exercise price is $0.12 per share of common stock, which is a 32% premium over the company's $0.091 closing share price on Jan. 30.
The company will use the proceeds to pay normal business expenses.
As previously reported, VerifyMe bought 22,222,222 common shares on Dec. 31 for $0.045 each for a total of $1 million. It received a warrant for 22,222,222 shares with an exercise price of $0.10.
LaserLock is a development-stage company based in Bala Cynwyd, Pa., that engages in the provision of product and document authentication and security services.
| Issuer: | LaserLock Technologies, Inc.
|
| Issue: | Preferred stock
|
| Amount: | $1 million
|
| Shares: | 33,333,333
|
| Price: | $0.03
|
| Warrant: | For 33,333,333 common shares
|
| Warrant strike price: | $0.12
|
| Investor: | VerifyMe, Inc.
|
| Agent: | Non-brokered
|
| Settlement date: | Jan. 31
|
| Stock symbol: | OTCBB: LLTI
|
| Stock price: | $0.091 at close Jan. 30
|
| Market capitalization: | $12.34 million
|
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