By Devika Patel
Knoxville, Tenn., July 24 - Southern Sauce Co., Inc. settled a private placement of units, raising $5 million, on July 18, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold the units at $2.5357 each to Blue Ridge Investments, LLC.
Each unit consists of one series A convertible preferred share and one series A warrant. The series A warrants are exercisable for up to 2,437,234 shares at $3.52 for five years.
Each preferred is convertible, at the option of the holder, into one common share.
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.
|
| Issue: | Units of one series A convertible preferred share and one series A warrant
|
| Amount: | $5,000,001
|
| Price: | $2.5357
|
| Warrants: | One per unit, for up to 2,437,234 shares in total
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.52
|
| Investor: | Blue Ridge Investments, LLC
|
| Settlement date: | July 18
|
| Stock symbol: | OTCBB: SOSA
|
| Stock price: | $2.55 at close July 18
|
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