By Sheri Kasprzak
New York, April 20 - Reflect Scientific, Inc. said it has priced a $1 million private placement as part of its merger with Cryomastor, Inc.
The deal includes 1 million shares.
Under the merger agreement, Reflect will acquire Cryomastor and pay $700,000 to Cryomastor's shareholders, advance $300,000 for operations of Cryomastor and pay $300,000 in Cryomastor's debt.
Proceeds from the placement will be used for costs associated with the merger.
Based in Mountain View, Calif., Reflect manufactures laboratory equipment and related supplies for biotechnology and pharmaceutical companies.
| Issuer: | Reflect Scientific, Inc.
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| Issue: | Stock
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| Amount: | $1 million
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| Shares: | 1 million
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| Price: | $1.00
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| Warrants: | No
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| Pricing date: | April 20
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| Stock symbol: | OTCBB: RSCF
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| Stock price: | $1.50 at close April 20
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