By Devika Patel
Knoxville, Tenn., Sept. 24 - Chapeau, Inc. said it received another $925,000 in the second tranche of a $1.85 million private placement of shares with the Gordon V. and Helen C. Smith Foundation.
The deal was announced on Aug. 22, and the company raised $925,000 in the first tranche on that date.
Chapeau had indicated in an 8-K filed Sept. 22 with the Securities and Exchange Commission that it did not expect to complete the second tranche, but said in a Wednesday press release that the foundation agreed to satisfy its obligation.
At pricing, the company sold 2,565,880 common shares at $0.3605 apiece for $925,000. It sold another 2,565,880 shares at that price in the second tranche.
Proceeds will support Chapeau's continued operations for the next four weeks.
Based in Sparks, Nev., Chapeau develops engines that circulate emissions to produce additional power.
| Issuer: | Chapeau, Inc.
|
| Issue: | Common stock
|
| Amount: | $1,849,999.48
|
| Shares: | 5,131,760
|
| Price: | $0.3605
|
| Warrants: | No
|
| Investor: | Gordon V. and Helen C. Smith Foundation
|
| Pricing date: | Aug. 22
|
| Settlement date: | Aug. 22 (for $924,999.74), Sept. 24 (for $924,999.74)
|
| Stock symbol: | OTCBB: CPEU
|
| Stock price: | $0.50 at close Aug. 22
|
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