Deal raises funds for working capital purposes; shares sold at $0.65
By Devika Patel
Knoxville, Tenn., July 9 – Radioio, Inc. completed a $125,000 private placement of stock on July 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 192,308 common shares at $0.65 per share, which is a 66.67% premium to the July 1 closing share price of $0.39.
Proceeds will be used for working capital purposes.
The New York company offers radio content through the Internet.
| Issuer: | Radioio, Inc.
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| Issue: | Common shares
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| Amount: | $125,000
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| Units: | 192,308
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| Price: | $0.65
|
| Warrants: | No
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| Settlement date: | July 2
|
| Stock symbol: | OTCBB: RAIO
|
| Stock price: | $0.39 at close July 1
|
| Market capitalization: | $1.9 million
|
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