By LLuvia Mares
New York, Nov. 14 - Vertical Branding, Inc. announced Wednesday it settled a $4 million private placement of stock.
The company sold 6.66 million shares at $0.60 per share along with warrants to purchase 6.66 million additional shares, half exercisable at $1.00 each and half exercisable at $1.50. The shares were bought by four funds managed by RENN Capital Group, Inc.
Proceeds will be used to invest in product inventory, new product development, reduce debt and for working capital.
Los Angeles-based Vertical is a consumer products branding and marketing distribution company.
Issuer: Vertical Branding, Inc.
Issue: Stock
Amount: $4 million
Shares: 6.66 million
| Price: | $0.60
|
| Warrants: | For 6.66 million shares
|
| Warrant exercise price: | Half at $1.00, half at $1.50
|
| Investors: | Four funds managed by RENN Capital Group, Inc.
|
| Closing date: | Nov. 14
|
| Stock symbol: | OTCBB: VBDG
|
| Stock price: | $0.65 at close on Nov. 13
|
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