Company sells units of shares, three-year warrants at $0.40 per unit
By Devika Patel
Knoxville, Tenn., June 3 - Marathon Patent Group, Inc. completed a $6 million private placement of units on May 31, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 15 million units of one common share and one half-share warrant at $0.40 per unit.
Each whole warrant is exercisable at $0.50 for three years. The strike price is a 21.95% premium to $0.41, the May 30 closing share price.
Marathon is an intellectual property consulting company based in Alexandria, Va.
| Issuer: | Marathon Patent Group, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $6 million
|
| Units: | 15 million
|
| Price: | $0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.50
|
| Settlement date: | May 31
|
| Stock symbol: | OTCBB: MARA
|
| Stock price: | $0.41 at close May 30
|
| Market capitalization: | $23.22 million
|
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