Company finances operating expenses, supplies, general working capital
By Devika Patel
Knoxville, Tenn., July 24 - Voice Assist Inc. completed an $800,000 private placement of units on May 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 5,333,333 units of one common share and one warrant at $0.15 per unit. The warrants are each exercisable at $0.50 for five years. The strike price is a 257.14% premium to the May 21 closing share price of $0.14.
Proceeds will be used for auditing expenses, legal fees, operating expenses, supplies and general working capital.
The Lake Forest, Calif., company offers cloud-based speech recognition technology designed to voice-enable mobile applications.
| Issuer: | Voice Assist Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $800,000
|
| Units: | 5,333,333
|
| Price: | $0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Settlement date: | May 22
|
| Stock symbol: | OTCBB: VSST
|
| Stock price: | $0.14 at close May 21
|
| Market capitalization: | $6.25 million
|
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