By Sheri Kasprzak
Atlanta, May 2 - Who's Your Daddy Inc. said it has closed the $3.75 million first tranche of a $6.25 million private placement.
The company sold 3.75 million shares at $1.00 each to Geneva Equities.
A second and final tranche for $2.5 million will be closed in 90 days.
The private placement is being conducted as part of Who's Your Daddy's acquisition of Snocone Systems, Inc. Under the terms of the acquisition, Snocone will issue 4.5 million common shares to Who's Your Daddy.
Based in San Diego, Who's Your Daddy markets and develops energy drinks. The proceeds will be used for production, manufacturing and distribution of the company's energy drinks.
| Issuer: | Who's Your Daddy Inc.
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| Issue: | Stock
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| Amount: | $3.75 million
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| Shares: | 3.75 million
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| Price: | $1.00
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| Warrants: | No
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| Placement agent: | Geneva Equities
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| Settlement date: | May 2
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| Stock price: | $1.15 at close May 2
|
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