By Angela McDaniels
Tacoma, Wash., Sept. 3 - Vu1 Corp. said it sold 1.35 million stock-and-warrant units, raising $1.08 million.
The sale closed on Aug. 27 and is the first tranche of a private placement, under which the company can sell up to $7.5 million of units for $0.80 each.
Each unit consists of two shares of common stock and a two-year warrant to purchase one share of common stock at an exercise price of $0.60 per share.
In total, the company issued 2.7 million shares in this tranche plus warrants to purchase 1.35 million shares.
Seattle-based Vu1 is focused on developing and selling a line of mercury-free, energy-efficient light bulbs based on its proprietary light-emitting technology.
| Issuer: | Vu1 Corp.
|
| Issue: | Units of two shares of common stock and one warrant
|
| Amount: | $1,079,975 in first tranche, up to $7.5 million in total
|
| Units: | 1.35 million in first tranche
|
| Price: | $0.80
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.60
|
| Announcement date: | Sept. 3
|
| Settlement date: | Aug. 27 for first tranche
|
| Stock symbol: | OTCBB: VUOC
|
| Stock price: | $1.40 at close Aug. 27
|
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