Company sells common shares at $0.80 each to fund inventory purchases
By Devika Patel
Knoxville, Tenn., Jan. 31 - Vu1 Corp. settled a $420,000 private placement of stock on Dec. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 525,000 restricted common shares at $0.80 apiece. The price per share reflects an 11.11% premium to $0.72, the Dec. 19 closing share price.
Investors also received three-year warrants for 525,000 shares. Each warrant is exercisable at $1.50, a 108.33% premium to the Dec. 19 closing price.
Proceeds will be used for purchases of inventory and for working capital and other general corporate purposes.
New York-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: | Restricted common stock
|
| Amount: | $420,000
|
| Shares: | 525,000
|
| Price: | $0.80
|
| Warrants: | For 525,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.50
|
| Settlement date: | Dec. 20
|
| Stock symbol: | OTCBB: VUOC
|
| Stock price: | $0.72 at close Dec. 19
|
| Market capitalization: | $14.1 million
|
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