By Devika Patel
Knoxville, Tenn., June 18 - Norpac Technologies, Inc. said it plans a private placement of units for $1.58 million.
The company will sell 10.5 million units of one share and one warrant at $0.15 apiece. Each two-year warrant will be exercisable at $0.20.
Proceeds will be used for general corporate purposes.
Based in Bellingham, Wash., Norpac is in the process of developing self-chilling beverage containers.
| Issuer: | Norpac Technologies, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1,575,000
|
| Units: | 10.5 million
|
| Price: | $0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.20
|
| Pricing date: | June 18
|
| Stock symbol: | OTCBB: NRPT
|
| Stock price: | $0.25 at close June 17
|
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