By Devika Patel
Knoxville, Tenn., Aug. 1 - Vemics, Inc. raised $1.6 million in a private placement of shares on July 29, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 13,333,333 common shares at $0.12 per share to Ravine Valley Partners, LLC.
Ravine also received warrants for 4 million shares, exercisable at $0.04 until July 29, 2013.
The warrants may expire sooner if the company's shares sell at $5.25 or higher for 10 consecutive trading days. In that case, the company may buy back the warrants at $0.10 apiece after 30 days.
Nanuet, N.Y.-based Vemics is a provider of hosted, real-time learning and productivity solutions.
| Issuer: | Vemics, Inc.
|
| Issue: | Common stock
|
| Amount: | $1,599,999.96
|
| Shares: | 13,333,333
|
| Price: | $0.12
|
| Warrants: | For 4 million shares
|
| Warrant expiration: | July 29, 2013
|
| Warrant strike price: | $0.04
|
| Investor: | Ravine Valley Partners, LLC
|
| Settlement date: | July 29
|
| Stock symbol: | Pink Sheets: VMCI
|
| Stock price: | $0.04 at close July 29
|
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