Deal raises funds for working capital purposes; shares sold at $0.65
By Devika Patel
Knoxville, Tenn., March 17 - Radioio, Inc. completed a $250,000 private placement of stock with Zanett Opportunity Fund, Ltd. on March 11, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 384,615 common shares at $0.65 per share, which is identical to the March 10 closing share price.
Proceeds will be used for working capital purposes.
The New York company offers radio content through the internet.
| Issuer: | Radioio, Inc.
|
| Issue: | Common shares
|
| Amount: | $250,000
|
| Shares: | 384,615
|
| Price: | $0.65
|
| Warrants: | No
|
| Investor: | Zanett Opportunity Fund, Ltd.
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: RDIO
|
| Stock price: | $0.65 at close March 10
|
| Market capitalization: | $2.14 million
|
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