Company sells common shares at 30.5% discount to closing share price
By Devika Patel
Knoxville, Tenn., Oct. 14 – Next Fuel Inc. settled a $1 million private placement of stock on Sept. 19, according an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced Aug. 4.
The company sold 1.8 million common shares at $0.556 apiece. The per-share price reflects a 30.5% discount to the closing share price, $0.80 on Aug. 1.
Proceeds will be used to purchase water treatment technology and for general working capital purposes.
The Cary, N.C., company provides research services for pharmaceutical companies.
| Issuer: | Next Fuel Inc.
|
| Issue: | Common stock
|
| Amount: | $1,000,800
|
| Shares: | 1.8 million
|
| Price: | $0.556
|
| Warrants: | No
|
| Pricing date: | Aug. 4
|
| Settlement date: | Sept. 19
|
| Stock symbol: | OTCBB: NXFI
|
| Stock price: | $0.80 at close Aug. 1
|
| Market capitalization: | $5.49 million
|
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