Investor pays for shares through 6% promissory note due March 31, 2015
By Devika Patel
Knoxville, Tenn., March 5 - American Restaurant Concepts Inc. said it took in $340,000 in a private placement of shares with Seenu G. Kasturi.
The company sold 206,061 common shares at $1.65 per share. The price per share is a 3.13% premium to the March 4 closing share price of $1.60 and is also identical to the Feb. 26 closing share price, the company noted in a press release.
The investor paid for the shares with a 6% promissory note, which is due on March 31, 2015.
Proceeds will be used for general corporate purposes.
The restaurant operator and franchisor is based in Lafayette, La.
| Issuer: | American Restaurant Concepts Inc.
|
| Issue: | Common shares
|
| Amount: | $340,000
|
| Shares: | 206,061
|
| Price: | $1.65
|
| Warrants: | No
|
| Investor: | Seenu G. Kasturi
|
| Settlement date: | March 5
|
| Stock symbol: | OTCBB: ANPZ
|
| Stock price: | $1.60 at close March 4
|
| Market capitalization: | $9.34 million
|
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