Company sells 25 million shares at $1.00 per share to acquire property
By Devika Patel
Knoxville, Tenn., Sept. 5 - Reven Housing REIT, Inc. said it negotiated a $25 million private placement of stock.
The company will sell 25 million common shares at $1.00 per share. The price per share is a 566.67% premium to the Sept. 4 closing share price of $0.15.
Proceeds will be used to acquire real estate investments and for general corporate purposes.
Based in La Jolla, Calif., Reven plans to acquire portfolios of occupied and rented single-family houses throughout the United States in accordance with its new business plan. Reven would like to be an exit strategy for owners of portfolios of rented single-family homes.
| Issuer: | Reven Housing REIT, Inc.
|
| Issue: | Common stock
|
| Amount: | $25 million
|
| Shares: | 25 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Pricing date: | Sept. 5
|
| Stock symbol: | OTCBB: RVEN
|
| Stock price: | $0.15 at close Sept. 4
|
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