Deal sells 2 million shares; proceeds fund research and development
By Devika Patel
Knoxville, Tenn., Oct. 23 – Escue Energy, Inc. priced a $5 million public offering of stock in a Form S-1 filed Wednesday with the Securities and Exchange Commission.
The company will sell 2 million common shares at $2.50 per share. The price per share is a 16.67% discount to the Oct. 22 closing share price of $3.00.
Proceeds will be used for general and administration expenses, research and development, building, testing, and installing four prototype units, operational testing and obtaining certification for prototypes.
The development stage company is based in Dallas. It plans to manufacture, sell and deploy advanced, patented, H-type, Straight-Bladed Vertical Axis Wind Turbine technology in the market for utilization of renewable energy sources.
| Issuer: | Escue Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 2 million
|
| Price: | $2.50
|
| Warrants: | No
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| Pricing date: | Oct. 23
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| Stock symbol: | OTCBB: ESCU
|
| Stock price: | $3.00 at close Oct. 22
|
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