By Sheri Kasprzak
New York, May 26 - MMC Energy, Inc. concluded a $12 million private placement of stock as part of its stock-for-stock merger with MMC Energy North America, LLC.
The company sold 12 million shares in the deal to a group of institutional and accredited investors.
MMC had originally intended to raise $6 million in the offering.
Proceeds will be used for working capital.
The transaction was carried out as part of a reverse merger that took MMC Energy public. MMC Energy North America, LLC, the operating company, merged with MMC Energy, Inc., formerly know as High Tide Ventures, Inc., which was already public.
As part of the merger, MMC Energy North America, LLC abandoned its operations and adopted the operations of MMC Energy, Inc. The merger closed on May 15.
Sanders Morris Harris Inc. and Canaccord Capital Corp. were placement agents for the stock sale.
New York-based MMC acquires and operates power-generation companies and other related assets.
| Issuer: | MMC Energy, Inc.
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| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 12 million
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| Price: | $1.00
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| Warrants: | No
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| Settlement date: | May 26
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| Placement agents: | Sanders Morris Harris Inc., Canaccord Capital Corp.
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| Stock symbol: | OTCBB: MMCN
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| Stock price: | $1.70 at close May 26
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