By Sheri Kasprzak
New York, July 22 - Morgan Beaumont, Inc. has revealed the details of its previously announced $4,945,000 private placement.
The company sold 12,362,500 shares at $0.40 each.
For each share purchased, the investors received one warrant, exercisable for an additional share at $0.60 each for one year.
The investors also have the option to buy an additional $7 million in shares under the same terms.
Proceeds will be used for general business operations, including the rollout of marketing programs and the enhancement and execution of sales and marketing initiatives.
Based in Sarasota, Fla., Morgan Beaumont develops technologies used in the stored value and debit card markets.
| Issuer: | Morgan Beaumont, Inc.
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| Issue: | Stock
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| Amount: | $4,945,000
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| Shares: | 12,362,500
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| Price: | $0.40
|
| Warrants: | One warrant per share purchased
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| Warrant expiration: | One year
|
| Warrant strike price: | $0.60
|
| Settlement date: | July 18
|
| Stock price: | $0.54 at close July 18
|
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