Frija buys 50 million limited partnership units at $0.01 in tranches
By Devika Patel
Knoxville, Tenn., June 9 – Soleil Capital LP arranged a $500,000 private placement of units with Kevin Frija on May 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell 50 million limited partnership units at $0.01 per unit, which is a 99.88% discount to the May 28 closing share price of $8.00. The units will be sold in tranches, with the first tranche consisting of 10 million units issued on June 4 and subsequent tranches for a total of 40 million units to be issued starting in July and ending in September 2016.
Proceeds will be used for operating capital, product development and branding of the company’s new Vaporizer and E-Liquid product.
The producer of electronic cigarettes and personal vaporizers, based in San Jose, Calif., plans to change its name to VPR Brands.
| Issuer: | Soleil Capital LP
|
| Issue: | Limited partnership units
|
| Amount: | $500,000
|
| Units: | 50 million
|
| Price: | $0.01
|
| Warrants: | No
|
| Investor: | Kevin Frija
|
| Pricing date: | May 29
|
| Settlement date: | June 4 (for $100,000)
|
| Stock symbol: | OTCBB: JOBI
|
| Stock price: | $8.00 at close May 28
|
| Market capitalization: | $71.74 million
|
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