By Devika Patel
Knoxville, Tenn., Aug. 1 - New Medium Enterprises, Inc. closed a private placement with a group of European investors for the sum of $1.95 million, according to an 8-K filed with the Securities and Exchange Commission.
The company sold 7.8 million restricted shares at $0.25 apiece.
The investors also received warrants, exercisable at $0.30 per share for five years.
Proceeds will be used for continued working capital and product launches.
London-based New Medium provides optical disc technologies, file formats, encryption technologies, authoring tools and compression technologies to high-definition DVD producers.
| Issuer: | New Medium Enterprises, Inc.
|
| Issue: | Stock
|
| Amount: | $1.95 million
|
| Shares: | 7.8 million
|
| Price: | $0.25
|
| Warrants: | Yes
|
| Warrant strike price: | $0.30
|
| Warrant expiration: | Five years
|
| Settlement date: | Aug. 1
|
| Stock symbol: | OTCBB: NMEN
|
| Stock price: | $0.27 at close July 31
|
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