Deal funds general working capital, product development and expansion
By Devika Patel
Knoxville, Tenn., Jan. 5 - RVue Holdings, Inc. settled a private placement of stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $2.59 million on Dec. 21.
The company sold 8,624,995 common shares at $0.30 per share. The price per share is a 70.3% discount to $1.01, the Dec. 20 closing share price.
Investors also received warrants for 8,624,995 shares, which are each exercisable at $1.00. The strike price is 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.
Based in Fort Lauderdale, Fla., rVue offers digital advertising services.
| Issuer: | RVue Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,587,500
|
| Shares: | 8,624,995
|
| Price: | $0.30
|
| Warrants: | For 8,624,995 shares
|
| Warrant strike price: | $1.00
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: RVUE
|
| Stock price: | $1.01 at close Dec. 21
|
| Market capitalization: | $34.95 million
|
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