By Sheri Kasprzak
New York, Dec. 21 - Elcom International, Inc. said it has concluded a private placement of stock for £4,165,275.
The company issued 277,685,000 shares at 1.5p each.
Elcom intends to use £1 million of the proceeds to repay loans plus interest.
Separately, a £300,000 loan from a non-U.S. investor will convert into 20,563,711 common shares.
Based in Norwood, Mass., Elcom provides automated services for e-commerce marketplaces.
| Issuer: | Elcom International, Inc.
|
| Issue: | Stock
|
| Amount: | £4,165,275
|
| Shares: | 277,685,000
|
| Price: | 1.5p
|
| Warrants: | No
|
| Settlement date: | Dec. 21
|
| Stock price: | 2.5p at close Dec. 20
|
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