By Sheri Kasprzak
New York, March 12 - Lighting Science Group Corp. is gearing up to wrap a $4 million private placement of stock.
A group of institutional investors has agreed to buy 13,333,333 shares at $0.30 each.
The investors also will receive warrants for 10 million shares, exercisable at $0.35 each for five years.
The investors also have an option to buy another 13,333,333 shares and 10 million warrants under the same terms before the 90th day following the effective date of the registration statement.
Proceeds will be used for working capital and general corporate purposes.
Canaccord Adams Inc. was the placement agent.
Dallas-based Lighting Science Group develops environmentally friendly lighting products.
Issuer: | Lighting Science Group Corp.
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Issue: | Stock
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Amount: | $4 million
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Shares: | 13,333,333
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Price: | $0.30
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Warrants: | For 10 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.35
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Placement agent: | Canaccord Adams Inc.
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Announcement date: | March 12
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Stock symbol: | OTCBB: LSGP
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Stock price: | $0.34 at close March 12
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