By Devika Patel
Knoxville, Tenn., June 10 - Legacy Wine & Spirits International Ltd. announced in an 8-K filed Tuesday with the Securities and Exchange Commission that it has negotiated a $1 million private placement of stock; the company settled an initial tranche for $460,000 on June 9 and expects to settle a $540,000 tranche shortly.
The company sold 920,000 common shares at $0.50 per share in the first tranche. It will sell 720,000 shares at $0.75 in the second tranche.
Proceeds will be used to purchase tangible assets, which include leasehold improvements to its proposed wine and liquor stores in China, branding and labeling of its products, web site and marketing materials and inventory purchases.
Montreal-based Legacy Wine & Spirits imports, bottles, blends, manufactures and distributes wine and spirits throughout China in boutique-style retail stores.
| Issuer: | Legacy Wine & Spirits International Ltd.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 1.64 million
|
| Price: | $0.50 (for 920,000 shares), $0.75 (for 720,000 shares)
|
| Warrants: | No
|
| Pricing date: | June 9
|
| Settlement date: | June 9 (for $460,000)
|
| Stock symbol: | OTCBB: LWSP
|
| Stock price: | $0.985 at close June 6
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