Deal sells 13.6 million units with one-year warrants at $0.05 per unit
By Devika Patel
Knoxville, Tenn., Dec. 3 – RealBiz Media Group Inc. completed a $680,000 private placement of units on Nov. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission. Security Research Associates, Inc. was the agent.
The company sold 13.6 million units of one common share and one warrant at $0.05 per unit.
Each warrant is exercisable at $0.05 for one year. The strike price is identical to the Nov. 27 closing share price.
A company controlled by company chairman Don Monaco bought 6 million units for $300,000, and chief financial officer Thomas Grbelja purchased 200,000 units for $10,000.
Proceeds were used to make the final payment under the company’s settlement agreement and release with Himmil Investments, Ltd. and to repay its 7.5% convertible promissory note held by Himmil, for working capital and for general corporate purposes.
The real estate digital media and technology company is based in Rochelle Park, N.J.
| Issuer: | RealBiz Media Group Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $680,000
|
| Units: | 13.6 million
|
| Price: | $0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.05
|
| Agent: | Security Research Associates, Inc.
|
| Investors: | Don Monaco (for $300,000), Thomas Grbelja (for $10,000)
|
| Settlement date: | Nov. 30
|
| Stock symbol: | OTCBB: RBIZ
|
| Stock price: | $0.05 at close Nov. 27
|
| Market capitalization: | $7.02 million
|
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