Company sells its common shares to investor with five-year warrants
By Devika Patel
Knoxville, Tenn., July 7 - Empowered Products, Inc. settled a $2 million private placement of stock with New Kaiser Ltd. on July 7, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced June 30.
The company sold 2 million common shares at $1.00 apiece.
New Kaiser also received five-year warrants for 2 million shares, which are each exercisable at $1.25.
As partial consideration for the sale of such shares, the investor agreed to exchange a $500,000 promissory note issued to the investor by EP Nevada. The note was exchanged on June 30 for 500,000 common shares.
The private company is based in Las Vegas and sells wholesale cosmetics.
| Issuer: | Empowered Products, Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 2 million
|
| Price: | $1.00
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Investor: | New Kaiser Ltd.
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| Pricing date: | June 30
|
| Settlement date: | July 7
|
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