By Devika Patel
Knoxville, Tenn., April 24 - Ambient Corp. said it has received $3 million from Vicis Capital Master Fund in exchange for warrants and other consideration.
Vicis received warrants for 135 million common shares.
Proceeds will be used to increase inventory for future sales opportunities. Since the deal involves only warrants and no debt, Ambient will not be incurring principal or payment obligations, which will allow it to use the full amount of the proceeds to meet contractual obligations.
Located in Newton, Mass, Ambient develops broadband-over-power-lines technologies and services.
| Issuer: | Ambient Corp.
|
| Issue: | Warrants
|
| Amount: | $3 million
|
| Warrants: | For 135 million shares
|
| Investor: | Vicis Capital Master Fund
|
| Settlement date: | April 24
|
| Stock symbol: | OTCBB: ABTG
|
| Stock price: | $0.04 at close April 23
|
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