Offering sells 5,999,999 shares at $0.03 each to fund working capital
By Devika Patel
Knoxville, Tenn., May 22 - Integrated Environmental Technologies, Ltd. settled a $180,000 private placement of stock on May 16 and May 22, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 5,999,999 common shares at $0.03 apiece. The price per share is a 50% discount to the May 15 closing share price of $0.06.
Proceeds will be used for working capital purposes, including the roll-out of the company's sales and marketing strategy.
The Little River, S.C., company produces and sells hypochlorous acid as well as an anti-oxidizing, mildly alkaline solution that provide an environmentally friendly alternative for cleaning, sanitizing and disinfecting.
| Issuer: | Integrated Environmental Technologies, Ltd.
|
| Issue: | Common stock
|
| Amount: | $180,000
|
| Shares: | 5,999,999
|
| Price: | $0.03
|
| Warrants: | No
|
| Settlement dates: | May 16 (for $80,000), May 22 (for $100,000)
|
| Stock symbol: | OTCBB: IEVM
|
| Stock price: | $0.06 at close May 15
|
| Market capitalization: | $9.04 million
|
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