By Devika Patel
Knoxville, Tenn., June 12 - Southern Sauce Co., Inc. raised $15 million in a private placement of units of its series A convertible preferred stock and warrants.
The company sold the units at $2.5357 apiece.
The preferreds are convertible into 5,915,526 common shares.
The warrants are exercisable for 7,098,632 common shares at $3.52 per share for five years.
Proceeds will be used for the expansion of production capacity and research and development of new ceramic products.
Southern Sauce is based in Tianjin, China. It makes ceramic valves and high-tech ceramic materials for the electric power, petrochemical, metallurgy and environmental protection industries.
Issuer: | Southern Sauce Co., Inc.
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Issue: | Units of series A cumulative convertible preferred stock and warrants
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Amount: | $15 million
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Price: | $2.5357
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Conversion ratio: | Into 5,915,526 shares
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Warrants: | For 7,098,632 common shares
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Warrant expiration: | Five years
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Warrant strike price: | $3.52
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Settlement date: | June 12
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Stock symbol: | OTCBB: SOSA
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Stock price: | $1.85 at close June 11
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