By Sheri Kasprzak
New York, April 25 - Nitches, Inc. is gearing up to close a $1.5 million private placement with Sojitz Corp.
Sojitz agreed to buy a number of shares equal to 105% of $1.5 million divided by the average of the closing share prices for the 10 trading days immediately before the closing.
The deal is set to close May 31.
Proceeds will be used for working capital.
Located in San Diego, Nitches designs and markets women's clothing.
| Issuer: | Nitches, Inc.
|
| Issue: | Stock
|
| Amount: | $1.5 million
|
| Shares: | Equal to 105% of $1.5 million divided by the 10-day average closing share price at settlement
|
| Warrants: | No
|
| Investor: | Sojitz Corp.
|
| Announcement date: | April 25
|
| Settlement date: | May 31
|
| Stock symbol: | Nasdaq: NICH
|
| Stock price: | $3.72 at close April 24
|
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