By Sheri Kasprzak
Atlanta, Oct. 19 - VG Tech Inc. entered into a subscription agreement with an independent investor for a $1 million private placement.
The investor will buy 416,666 units of one share and one purchase warrant at $2.40 per unit.
The warrants are good for an additional share at $2.40 for two years from the closing date.
The company also granted stock options to buy up to 10 million shares at $1.70, including 2 million shares to president and director Achim Stamm. The other options were granted to employees and consultants. The options are exercisable for five years.
Based in Friedberg, Germany, VG Tech is a refrigeration and water purification company.
| Issuer: | VG Tech Inc.
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| Issue: | Units of one share and one purchase warrant
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| Amount: | $1 million
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| Shares: | 416,666 units
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| Price: | $2.40 per unit
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| Warrants: | One warrant for each unit, or 416,666 warrants
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| Warrant expiration: | Two years
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| Warrant strike price: | $2.40
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| Announcement date: | Oct. 19
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| Stock price: | $3.85 at close Oct. 18
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