Company sells 66.5 million shares at $0.20 per share in two tranches
By Devika Patel
Knoxville, Tenn., Nov. 5 - Reven Housing REIT, Inc. completed a $2.3 million second tranche of a $13.3 million private placement of stock on Oct. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It raised $11 million on Sept. 27, the pricing date.
The company has sold 66.5 million common shares at $0.20 per share. The price per share is an 50% discount to the Sept. 26 closing share price of $0.40. It sold 55 million shares in the first tranche and 11.5 million shares in the second.
Ernst & Young Capital Advisors, LLC was paid $63,250 in fees.
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.
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| Issue: | Common stock
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| Amount: | $13.3 million
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| Shares: | 66.5 million
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| Price: | $0.20
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| Warrants: | No
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| Pricing date: | Sept. 27
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| Settlement date: | Sept. 27 (for $11 million), Oct. 30 (for $2.3 million)
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| Stock symbol: | OTCBB: RVEN
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| Stock price: | $0.40 at close Sept. 26
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