Company sells 333,333 shares at $0.60 each, warrants for 83,333 shares
By Toni Weeks
San Diego, Aug. 21 - Heavy Earth Resources, Inc. said it completed a $200,000 private placement of stock on June 20, according to a 10-Q filed Aug. 20 with the Securities and Exchange Commission.
The company sold 333,333 shares at $0.60 each and warrants for 83,333 shares, with each warrant exercisable at $1.25 per share. The share price and the strike price are a 25% discount and a 56.25% premium to the closing share price of $0.80 on June 18.
Based in San Francisco, Heavy Earth is an oil and gas exploration and production company focused on regions and basins in Central and South America.
| Issuer: | Heavy Earth Resources, Inc.
|
| Issue: | Shares
|
| Amount: | $200,000
|
| Shares: | 333,333
|
| Price: | $0.60
|
| Warrants: | For 83,333 shares
|
| Warrant strike price: | $1.25
|
| Settlement date: | June 20
|
| Stock symbol: | OTCBB: HEVI
|
| Stock price: | $0.80 at close June 18
|
| Market capitalization: | $61.05 million
|
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