Proceeds used to repay liabilities, fund company’s business operations
By Devika Patel
Knoxville, Tenn., Dec. 29 – Virtual Sourcing, Inc. priced a $35 million initial public offering of stock, according to a Form S-1 filed Monday with the Securities and Exchange Commission.
The company will sell 35 million common shares at $1.00 apiece on a self-underwritten basis. Of the shares, 25 million are being registered for sale by the company, and 10 million are being registered for sale by a selling shareholder and are issuable to the selling shareholder upon conversion of a convertible promissory note held by and payable to the selling shareholder.
Proceeds will be used to pay down liabilities, for day-to-day business operations and for construction of the company’s planned recycling facility.
The company, formerly known as Heritage Scholastic Corp., is based in Independence, Kan., and previously published history textbooks. It now seeks potential acquisitions and joint venture partners. Its shares trade on the OTCBB under the symbol, “PGCX.”
| Issuer: | Virtual Sourcing, Inc.
|
| Issue: | Common stock
|
| Amount: | $35 million
|
| Shares: | 35 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Pricing date: | Dec. 6
|
| Stock symbol: | OTCBB: PGCX
|
| Market capitalization: | $557,330
|
© 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.
