Deal sells 400,000 shares at $0.75 each, along with five-year warrants
By Devika Patel
Knoxville, Tenn., Oct. 18 - GelTech Solutions, Inc. completed a $300,000 private placement of stock with its director, Neil Reger, on Oct. 11, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 400,000 common shares at $0.75 per share. The price per share is a 34.78% discount to the $1.15 closing share price on Oct. 10.
Reger also received warrants for 200,000 shares. Each warrant is exercisable at $1.00 for five years. The strike price is a 13.04% discount to the Oct. 10 closing share price.
Jupiter, Fla.-based GelTech makes FireIce, a water-enhancing fire suppressant, Soil2O, a moisture-preservation product, and other Earth-friendly polymer-based products.
| Issuer: | GelTech Solutions, Inc.
|
| Issue: | Common stock
|
| Amount: | $300,000
|
| Shares: | 400,000
|
| Price: | $0.75
|
| Warrants: | For 200,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investor: | Neil Reger
|
| Settlement date: | Oct. 11
|
| Stock symbol: | OTCBB: GLTC
|
| Stock price: | $1.15 at close Oct. 10
|
| Market capitalization: | $37.4 million
|
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