Deal sells 50 million shares at 58.33% discount to closing share price
By Devika Patel
Knoxville, Tenn., July 28 - Location Based Technologies, Inc. completed a $10 million private placement of stock on July 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. Craig-Hallum Capital Group LLC and ThinkEquity LLC were the agents for the offering, which priced July 21.
The company sold 50 million common shares at $0.20 apiece. The price per share is a 58.33% discount to the July 20 closing share price of $0.48.
Based in Anaheim, Calif., Location Based Technologies designs, develops, and sells personal, pet and vehicle locator devices and services.
| Issuer: | Location Based Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 50 million
|
| Price: | $0.20
|
| Warrants: | No
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| Agents: | Craig-Hallum Capital Group LLC and ThinkEquity LLC
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| Pricing date: | July 21
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| Settlement date: | July 27
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| Stock symbol: | OTCBB: LBAS
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| Stock price: | $0.46 at close July 21
|
| Market capitalization: | $47.01 million
|
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