By Sheri Kasprzak
New York, Oct. 11 - Microfield Group, Inc. said it has closed a $3,659,520 private placement.
The company issued 5,227,886 shares at $0.70 each to accredited investors.
The investors also received a warrant for an additional share for every two shares purchased in the deal. The warrants are exercisable at $0.90 each for five years.
Capstone Investments was the placement agent for the deal.
Proceeds will be used to repay inter-corporation and related-party debt and for working capital.
Based in Portland, Ore., Microfield develops energy production, distribution and management technologies.
| Issuer: | Microfield Group, Inc.
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| Issue: | Stock
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| Amount: | $3,659,520
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| Shares: | 5,227,886
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| Price: | $0.70
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| Warrants: | One warrant per two shares purchased
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.90
|
| Placement agent: | Capstone Investments
|
| Settlement date: | Oct. 5
|
| Stock price: | $2.45 at close Oct. 5
|
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