New Issue: Granto concludes $7.7 million private placement of series A preferreds

By Devika Patel

Knoxville, Tenn., March 31- Granto, Inc. settled a $7.7 million private placement of series A preferred stock on March 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company sold 2,768,721 preferreds. Each preferred will convert automatically into one common share upon completion of certain conditions.

The investors also received 3,460,902 warrants. Of the warrants, 1,730,451 are exercisable at $3.47 and 1,730,451 are exercisable at $4.17 for five years.

Based in Pasig City, Philippines, Granto makes and sells mechanical chalkboard erasers with built-in micro vacuums for office and school supply retailers and teachers in the Philippines and other Asian countries.

Issuer:	Granto, Inc.
Issue:	Series A preferred stock
Amount:	$7.7 million
Shares:	2,768,721
Warrants:	3,460,902
Warrant strike price:	$3.47 (1,730,451 warrants), $4.17 (1,730,451 warrants)
Warrant expiration:	Five years
Settlement date:	March 29
Stock symbol:	OTCBB: GNTQ

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