By Sheri Kasprzak
New York, April 28 - Electric Word plc said it has completed a private placement of stock for £1.9 million.
The company issued 23,030,303 shares at 8.25p each.
The proceeds will be used to pay a portion of the cash consideration for Electric Word's acquisition of Incentive Plus Ltd. and Incentive Publishing Ltd. The cash consideration is £2.05 million.
Incentive Plus is an educational materials mail order company.
London-based Electric Word is a publishing company focused on educational topics.
| Issuer: | Electric Word plc
|
| Issue: | Stock
|
| Amount: | £1.9 million
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| Shares: | 23,030,303
|
| Price: | 8.25p
|
| Warrants: | No
|
| Settlement date: | April 28
|
| Stock symbol: | London: ELE
|
| Stock price: | 8.5p at close April 28
|
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