Offering sells shares to VIG Venture at volume weighted average price
By Devika Patel
Knoxville, Tenn., Dec. 20 - TaxMasters, Inc. arranged a $3 million private placement of stock with VIG Venture Fund I, LLC on Dec. 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It has already raised $200,000.
The company will sell common shares at a price per share equal to the volume weighted average price of the stock for the 10 trading days immediately before each closing.
Investors also will receive three-year warrants for an equal number of shares, each exercisable at 110% of the price per share.
In the first tranche, the company sold 1,818,182 shares and 1,818,182 warrants at $0.11 per share. The warrant strike price is $0.12.
TaxMasters is a Houston-based tax resolution company.
| Issuer: | TaxMasters, Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Price: | The volume weighted average price of the common stock for the 10 trading days immediately before each closing
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Three years
|
| Warrant strike price: | 110% of price per share
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| Investor: | VIG Venture Fund I, LLC
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| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 14 (for $200,000)
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| Stock symbol: | Pink Sheets: TAXS
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| Stock price: | $0.10 at close Dec. 14
|
| Market capitalization: | $11.26 million
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