Company sells 140,410 units of one share and a quarter-share warrant
By Devika Patel
Knoxville, Tenn., June 24 – Victory Electronic Cigarettes Corp. raised $912,659 in a private placement of units on June 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 140,410 units of one common share and a quarter-share warrant at $6.50 per unit.
Each whole warrant will be exercisable at $6.50 for five years. The strike price is a 31.65% discount to the June 18 closing share price of $9.51.
The Ball Ground, Ga., company offers electronic cigarettes.
| Issuer: | Victory Electronic Cigarettes Corp.
|
| Issue: | Units of one common share and a quarter-share warrant
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| Amount: | $912,659
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| Units: | 140,410
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| Price: | $6.50
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| Warrants: | One quarter-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $6.50
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| Settlement date: | June 19
|
| Stock symbol: | OTCBB: ECIG
|
| Stock price: | $9.51 at close June 18
|
| Market capitalization: | $644.31 million
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