Company sells 4 million common shares at $0.50 apiece to investors
By Devika Patel
Knoxville, Tenn., Dec. 4 - Kitara Media Corp. settled a $2 million private placement of stock on Dec. 3, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 4 million common shares at $0.50 apiece. The price per share is a 33.33% discount to the Dec. 2 closing share price of $0.75.
The investors included Ironbound Partners Fund, LLC.
The deal was conducted in connection with Kitara's merger with Health Guru Media, Inc., which also settled on Dec. 3.
The digital media company is based in Jersey City, N.J.
| Issuer: | Kitara Media Corp.
|
| Issue: | Common stock
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| Amount: | $2 million
|
| Shares: | 4 million
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| Price: | $0.50
|
| Warrants: | No
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| Investor: | Ironbound Partners Fund, LLC
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| Settlement date: | Dec. 3
|
| Stock symbol: | OTCBB: KITM
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| Stock price: | $0.75 at close Dec. 2
|
| Market capitalization: | $45.87 million |
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