Investors also get warrants; shares sold at 42.86% premium to market
By Devika Patel
Knoxville, Tenn., March 15 - Uluru Inc. arranged a $440,000 private placement of stock on March 14, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 1.1 million common shares at $0.40 per share. The price per share reflects a 42.86% premium to the March 13 closing share price of $0.28.
Investors also will receive five-year warrants for 660,000 shares, which is exercisable at $0.60. The strike price is a 114.29% premium to the March 13 closing price.
Kerry P. Gray and Terrance K. Wallberg are participating in the sale.
The sale will settle in tranches over the next year, with $88,000 to be raised in the initial tranche.
Uluru, based in Addison, Texas, develops wound management, plastic surgery and oral care products.
| Issuer: | Uluru Inc.
|
| Issue: | Common stock
|
| Amount: | $440,000
|
| Shares: | 1.1 million
|
| Price: | $0.40
|
| Warrants: | For 660,000 shares
|
| Warrant expiration: | Five year
|
| Warrant strike price: | $0.60
|
| Investors: | Kerry P. Gray and Terrance K. Wallberg
|
| Pricing date: | March 14
|
| Stock symbol: | OTCBB: ULUR
|
| Stock price: | $0.28 at close March 13
|
| Market capitalization: | $3.05 million
|
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