Deal sells 52.3 million common shares at $0.10 per share with warrants
By Devika Patel
Knoxville, Tenn., June 18 - Visualant, Inc. completed a $5.23 million private placement of stock with Special Situations Technology Fund and forty other investors on June 10, according to an 8-K filed Tuesday with the Securities and Exchange Commission. GVC Capital LLC was the agent.
The company sold 52.3 million common shares at $0.10 per share. The price per share reflects a 9.09% discount to the June 7 closing share price of $0.11.
Investors also received five-year warrants for 104.6 million shares. Of the warrants, 52.3 million are each exercisable at $0.15, and 52.3 million are each exercisable at $0.20. The strike prices are 36.36% and 81.82% premiums to the June 7 closing share price.
Seattle-based Visualant develops light-based security and authentication systems technology.
| Issuer: | Visualant, Inc.
|
| Issue: | Common stock
|
| Amount: | $5.23 million
|
| Shares: | 52.3 million
|
| Price: | $0.10
|
| Warrants: | For 104.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $0.15, $0.20
|
| Agent: | GVC Capital LLC
|
| Investor: | Special Situations Technology Fund
|
| Settlement date: | June 10
|
| Stock symbol: | OTCBB: VSUL
|
| Stock price: | $0.11 at close June 7
|
| Market capitalization: | $14 million
|
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