By Sheri Kasprzak
New York, July 5 - Transnational Automotive Group, Inc. sealed a $3.25 million private placement of units.
The company sold 6.49 million units at $0.50 each to a group of accredited investors. The placement was for up to 10 million units.
The units consist of one share and one warrant. The warrants are exercisable at $1.50 each for five years.
Proceeds will be used for the expansion of the company's fleet of buses and for working capital.
The offering was conducted between Jan. 17 and July 3.
Based in Woodland Hills, Calif., Transnational establishes and operates bus systems in Cameroon.
| Issuer: | Transnational Automotive Group, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $3.25 million
|
| Units: | 6.49 million
|
| Price: | $0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | July 3
|
| Stock symbol: | OTCBB: TAMG
|
| Stock price: | $1.69 at close July 3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
