Shares sold at a small, pre-negotiated discount to the market price
By Devika Patel
Knoxville, Tenn., Feb. 3 - TaxMasters, Inc. said it arranged a $25 million three-year equity financing with a micro-cap equity financing provider.
The company will sell registered common shares to the investor at a small, pre-negotiated discount to the market price.
The proceeds will be used for marketing, advertising and expanding the business according to the company's five-year growth plan of achieving at least $300 million in annual revenue.
"We are very excited to secure this equity line of financing," chief executive officer Patrick Cox said in a press release. "With these funds, the company will have the opportunity to implement its five-year growth plan where our goal is to reach at least $300 million in annual revenue and potentially closer to $500 million."
TaxMasters is a Houston-based tax resolution company.
| Issuer: | TaxMasters, Inc.
|
| Issue: | Equity financing
|
| Amount: | $25 million
|
| Tenor: | Three years
|
| Price: | Discounted
|
| Warrants: | No
|
| Settlement date: | Feb. 3
|
| Stock symbol: | OTCBB: TAXS
|
| Stock price: | $0.10 at close Feb. 2
|
| Market capitalization: | $14.49 million
|
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