By Laura Lutz
Des Moines, Dec. 18 - Neutron Enterprises, Inc. raised $3.05 million from a $4 million private placement of units, according to an 8-K filing with the Securities and Exchange Commission.
In total, the placement will consist of up to 16 million units of one share and one warrant at $0.25 per unit. Each warrant will be exercisable at $0.35 for two years.
The first tranche included 12,212,000 units.
Neutron may call the warrants for $0.01 per share if the market value of its stock is at least $0.75 for 10 consecutive trading days.
Rory Olson, Mitchell Rosen, Joel Leonoff, Steve Shaper, Andrew Gertler and Mark Brookshire, all directors or executive officers of the company, invested a total of $1.03 million in the placement.
Montreal-based Neutron operates a prize-based fantasy stock market portal.
| Issuer: | Neutron Enterprises, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $4 million
|
| Units: | 16 million
|
| Price: | $0.25
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.35
|
| Investors: | Rory Olson, Mitchell Rosen, Joel Leonoff, Steve Shaper, Andrew Gertler and Mark Brookshire (for total of $1,025,000)
|
| Settlement date: | Dec. 14 (for $3,053,000)
|
| Stock symbol: | OTCBB: NTRN
|
| Stock price: | $0.35 at close Dec. 14
|
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