Deal sells 11,363,367 shares at $0.022 apiece with 5,681,684 warrants
By Devika Patel
Knoxville, Tenn., June 19 – Montalvo Spirits, Inc. completed a $249,994 private placement of stock on June 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 11,363,367 common shares at $0.022 per share. The price per share is a 10% premium to the $0.02 closing share price on June 12.
The investor also received warrants for 5,681,684 shares. Each warrant is exercisable at $0.022 for three years. The strike price is also a 10% premium to the June 12 closing share price.
The Moorpark, Calif., company develops, markets and distributes alcoholic beverages.
| Issuer: | Montalvo Spirits, Inc.
|
| Issue: | Common stock
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| Amount: | $249,994
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| Shares: | 11,363,367
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| Price: | $0.022
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| Warrants: | For 5,681,684 shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.022
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| Settlement date: | June 15
|
| Stock symbol: | OTCBB: TQLA
|
| Stock price: | $0.02 at close June 12
|
| Market capitalization: | $1.25 million
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