Deal sells stock to five investors at 6.38% premium to closing price
By Devika Patel
Knoxville, Tenn., March 2 - Colonial Commercial Corp. negotiated a private placement of stock on March 1, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It will raise $2.25 million.
The company will sell 4.5 million common shares at $0.50 per share. The price per share reflects a 6.38% premium to the Feb. 28 closing share price of $0.47.
Of these shares, 3 million will be bought by Goldman Associates for $1.5 million, 600,000 by Rita Folger for $300,000, 400,000 by Paul Hildebrandt for $200,000, 200,000 by William Pagano for $100,000 and 300,000 shares will be purchased by John A. Hildebrandt for $150,000.
Settlement is expected March 8.
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
|
| Investors: | Goldman Associates (for $1.5 million), Rita Folger (for $300,000), Paul Hildebrandt (for $200,000), William Pagano (for $100,000) and John A. Hildebrandt (for $150,000)
|
| Pricing date: | March 1
|
| Settlement date: | March 8
|
| Stock symbol: | OTCBB: CCOM
|
| Stock price: | $0.47 at close March 1
|
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