Deal sells 35 million shares at $0.01 apiece with five-year warrants
By Devika Patel
Knoxville, Tenn., Aug. 10 – Worlds Inc. completed a $350,000 private placement of stock on Aug. 5, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 35 million common shares at $0.01 apiece. The price per share is identical to the Aug. 4 closing share price.
Each investor also received one warrant per share purchased, with each warrant exercisable at $0.012 for five years. The strike price is a 20% premium to the Aug. 9 closing share price.
Proceeds were used to prepay the company’s convertible debentures and will also be used for litigation and general corporate purposes.
The Brookline, Mass., company designs and develops software, content and related technology for the creation of interactive, three-dimensional websites.
| Issuer: | Worlds Inc.
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| Issue: | Common stock
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| Amount: | $350,000
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| Shares: | 35 million
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| Price: | $0.01
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| Warrants: | One warrant per share purchased
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.012
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| Settlement date: | Aug. 5
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| Stock symbol: | OTCBB: WDDD
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| Stock price: | $0.01 at close Aug. 4
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| Market capitalization: | $3.01 million
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