By Sheri Kasprzak
New York, Aug. 28 - VuBotics, Inc. has concluded a $2,219,940 private placement.
The company issued 7,399,799 units at $0.30 each to a group of institutional investors.
The units consist of one share and one warrant with each warrant exercisable at $0.60 for five years.
Great American Investors, Inc. and MidSouth Capital, Inc. were the placement agents.
The proceeds will be used for the expansion of the company's licensing program and for working capital.
Atlanta-based VuBotics develops software used for providing text for online, small screen and broadcast applications.
| Issuer: | VuBotics, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $2,219,940
|
| Units: | 7,399,799
|
| Price: | $0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Placement agent: | Great American Investors, Inc. and MidSouth Capital, Inc.
|
| Settlement date: | Aug. 24
|
| Stock symbol: | OTCBB: VBTC
|
| Stock price: | $0.37 at close Aug. 24
|
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