By Sheri Kasprzak
Atlanta, June 14 - Material Technologies Inc. said it has closed an offering of $5.85 million with Birchington Investments Ltd.
Birchington bought 5.85 million shares from Material with a value of $1.00 each and, in turn, issued 5.85 million of its own shares for the deal.
The Birchington shares exchanged for the Material Technologies shares will be held in Bandstore Ltd., a wholly owned subsidiary of Material.
A total of 1,755,000 of the Material shares being purchased by Birchington will be held in escrow for one year. If the average 10 closing bid prices during the 10 trading days after the one-year anniversary of the closing is less than the per-share market price - or $1.00 - Birchington will be able to purchase out of escrow a percentage of the shares equal to the percentage of the decline in price per share at a penny per escrowed share.
Based in Los Angeles, Material Technologies develops technologies to detect defects in the structural integrity of buildings.
| Issuer: | Material Technologies Inc.
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| Issue: | Stock
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| Amount: | $5.85 million (paid in stock)
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| Shares: | 5.85 million
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| Price: | $1.00
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| Warrants: | No
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| Investor: | Birchington Investments Ltd.
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| Settlement date: | June 8
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| Stock price: | $1.35 at close June 8
|
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