Company sells 15 million restricted common shares at $0.25 per share
By Devika Patel
Knoxville, Tenn., April 9 - Endurance Explorations Group Inc. said it arranged a $3.75 million private placement of stock.
The company will sell 15 million restricted common shares at $0.25 apiece. The price per share represents a 68.35% discount to the April 8 closing share price of $0.79.
Proceeds will be used to investigate a sonar target located during a 2013 search for the shipwreck code-named "Sailfish" and begin the search for a second lost ship code-named "Black Marlin."
The Clearwater, Fla., company specializes in subsea shipwreck research, search and survey, inspection, and recovery projects.
| Issuer: | Endurance Explorations Group Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $3.75 million
|
| Shares: | 15 million
|
| Price: | $0.25
|
| Warrants: | No
|
| Pricing date: | April 9
|
| Stock symbol: | OTCBB: EXPL
|
| Stock price: | $0.79 at close April 8
|
| Market capitalization: | $28.26 million
|
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