By Sheri Kasprzak
New York, May 30 - Home System Group, Inc. concluded a $40 million private placement.
The company sold 10 million shares to Total Giant Group Ltd., Total Shine Group Ltd., Victory High Investments Ltd. and Think Big Trading Ltd. The shares were priced at $4.00 each.
The investors paid 16.25% of the purchase price of the shares upon closing, and the rest will be payable under the terms of a promissory note, due the earlier of two years from the issue date or within five days of a registration statement being filed with the Securities and Exchange Commission.
Home System, based in Los Angeles, is a home appliances manufacturing company.
| Issuer: | Home System Group, Inc.
|
| Issue: | Stock
|
| Amount: | $40 million
|
| Shares: | 10 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Investors: | Total Giant Group Ltd., Total Shine Group Ltd., Victory High Investments Ltd., Think Big Trading Ltd.
|
| Settlement date: | May 23
|
| Stock symbol: | OTCBB: HSYT
|
| Stock price: | $4.50 at close May 23
|
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