New York, May 15 - MMC Energy, Inc. closed on a $10 million private placement of common stock, according to an 8-K filing with the Securities and Exchange Commission,
The company sold 10 million shares at $1.00 per share.
Sanders Morris Harris Inc. and Canaccord Capital Corp. were placement agents.
Proceeds will be used to fund operations and possibly to acquire assets. The funds raised will meet MMC's cash requirements for at least three years according to the SEC filing.
The transaction was carried out as part of a reverse merger that took MMC Energy public. The company merged with High Tide Ventures, Inc., which was already public, and then changed its name to MMC Energy.
MMC is a New York-based energy management company that owns power generating facilities in California and is looking to acquire small and medium-sized facilities primarily in California, Texas and the Mid-Atlantic and Northeastern United States.
| Issuer: | MMC Energy, Inc.
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| Issue: | Common stock
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| Amount: | $10 million
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| Shares: | 10 million
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| Price: | $1.00
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| Warrants: | No
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| Placement agents: | Sanders Morris Harris Inc., Canaccord Capital Corp.
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| Settlement date: | May 15
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| Stock symbol: | OTC Bulletin Board: MMCN
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| Stock price: | N/A
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