Proceeds to be used for acquisitions and general working capital
By Devika Patel
Knoxville, Tenn., Nov. 6 – RMR Industrials Inc. settled a downsized public sale of units for $1.48 million, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal was announced as a stock sale on July 1 and priced for $20 million on Oct. 9. The company revised the deal to raise $7 million on Oct. 28.
The company sold 147,500 units of one common share and one warrant at $10.00 per unit on a best-efforts basis, with each warrant exercisable at $12.50 for five years.
Proceeds will be used for acquisitions and general working capital.
The development-stage company is based in Beverly Hills, Calif.
| Issuer: | RMR Industrials Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1,475,000
|
| Units: | 147,500
|
| Price: | $10.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $12.50
|
| Announcement date: | July 1
|
| Pricing date: | Oct. 9
|
| Revised: | Oct. 28
|
| Settlement date: | Nov. 6
|
| Stock symbol: | OTCBB: RMRI
|
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