By Devika Patel
Knoxville, Tenn., Sept. 15 - Vu1 Corp. offered more details on a $7.5 million private placement of units. The first tranche settled for $1.08 million on Aug. 27 and a second tranche settled on Sept. 11 for $1.05 million.
The company sold 1.35 million units in the first tranche and 1,311,250 units in the second tranche at $0.80 apiece. The company has sold 2,661,250 units total for $2.13 million.
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.
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: | $7.5 million
|
| 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 $1,079,975), Sept. 11 (for $1,049,000)
|
| Stock symbol: | OTCBB: VUOC
|
| Stock price: | $1.40 at close Aug. 27
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
