By Devika Patel
Knoxville, Tenn., Aug. 28 - MDI, Inc. arranged a $1 million non-brokered private placement of stock on Aug. 28, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 4 million common shares, along with 4 million warrants, at $0.25 per share to MDI Investments, LLC.
The warrants are exercisable at $0.60 for three years.
Settlement is expected Sept. 4.
Located in San Antonio, MDI manufactures security technology products.
| Issuer: | MDI, Inc.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 4 million
|
| Price: | $0.25
|
| Warrants: | For 4 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.60
|
| Agent: | Non-brokered
|
| Investor: | MDI Investments, LLC
|
| Pricing date: | Aug. 28
|
| Settlement date: | Sept. 4
|
| Stock symbol: | Nasdaq: MDII
|
| Stock price: | $0.1999 at close Aug. 28
|
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