New Jersey-based HVAC company offers 4.5 million shares at $0.50 each
By Devika Patel
Knoxville, Tenn., March 1 - Colonial Commercial Corp. said it plans a private placement of stock. The offering is slated to raise $2.25 million by March 8, with the first tranche expected to settle on Tuesday.
The company will sell 4.5 million common shares at $0.50 apiece, a 117.39% premium to the Feb. 28 closing share price of $0.68.
Hawthorne, N.J.-based Colonial Commercial distributes heating, ventilating and air conditioning equipment parts and accessories.
| Issuer: | Colonial Commercial Corp.
|
| Issue: | Common stock
|
| Amount: | $2.25 million
|
| Shares: | 4.5 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Pricing date: | March 1
|
| Settlement date: | March 1, March 8
|
| Stock symbol: | OTCBB: CCOM
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| Stock price: | $0.68 at close Feb. 28
|
| Market capitalization: | $3.16 million
|
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