By Sheri Kasprzak
New York, Aug. 21 - Valence Technology, Inc. wrapped a $1 million private placement of its stock with West Coast Venture Capital, Inc., an affiliate of Carl Berg, Valence's chairman.
The company sold 534,759 shares at $1.87 each, on par with the company's closing stock price on Aug. 16.
Proceeds will be used for general corporate purposes and working capital.
Based in Austin, Texas, Valence develops a phosphate-based lithium-ion battery technology.
| Issuer: | Valence Technology, Inc.
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| Issue: | Stock
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| Amount: | $1 million
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| Shares: | 534,759
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| Price: | $1.87
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| Warrants: | No
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| Investor: | West Coast Venture Capital, Inc.
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| Settlement date: | Aug. 17
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| Stock symbol: | Nasdaq: VLNC
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| Stock price: | $1.79 at close Aug. 17
|
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