Company finances general working capital through warrants, shares sale
By Devika Patel
Knoxville, Tenn., Dec. 27 - rVue Holdings Inc. concluded a private placement of stock on Dec. 21, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $2.63 million.
The company sold 8,758,328 common shares at $0.30 apiece. The price per share is a 70.3% discount to $1.01, the Dec. 20 closing share price.
Investors also received warrants for 8,758,328 shares. The warrants are exercisable at $1.00, a 0.99% discount to the Dec. 20 closing price.
Proceeds will be used for general working capital, including new product development and expansion of rVue managed services.
The digital advertising company is based in Fort Lauderdale, Fla.
| Issuer: | rVue Holdings Inc.
|
| Issue: | Common stock
|
| Amount: | $2,627,500
|
| Shares: | 8,758,328
|
| Price: | $0.30
|
| Warrants: | For 8,758,328 shares
|
| Warrant strike price: | $1.00
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: RVUE
|
| Stock price: | $1.01 at close Dec. 21
|
| Market capitalization: | $28.93 million
|
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