Deal sells 38 million shares at 65.28% discount to closing share price
By Devika Patel
Knoxville, Tenn., Feb. 11 - Legal Life Plans, Inc. negotiated a $9.5 million private placement of stock, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 38 million common shares at $0.25 per share, a 65.28% discount to Feb. 8 closing share price of $0.72.
The Draper, Utah, company provides legal services through a network of provider law firms under contract.
| Issuer: | Legal Life Plans, Inc.
|
| Issue: | Common shares
|
| Amount: | $9.5 million
|
| Shares: | 38 million
|
| Price: | $0.25
|
| Warrants: | No
|
| Announcement date: | Feb. 11
|
| Stock symbol: | OTCBB: LLFP
|
| Stock price: | $0.72 at close Feb. 8
|
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