Offering sells 15 million common shares at $0.20 apiece to Prescient
By Devika Patel
Knoxville, Tenn., Sept. 11 – Oak Ridge Energy Technologies, Inc. raised $3 million in a private placement of stock with Precept Fund Management SPC on behalf of Prescient Fund Segregated Portfolio on Sept. 11, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 15 million common shares at $0.20 apiece. The price per share is a 53.49% discount to the Sept. 10 closing share price of $0.43.
Proceeds will be used to expand sales and marketing efforts, as well as broaden and accelerate product development.
The Melbourne, Fla., company licenses thin-film, solid-state batteries for industrial, government, and medical applications.
| Issuer: | Oak Ridge Energy Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 15 million
|
| Price: | $0.20
|
| Warrants: | No
|
| Investor: | Precept Fund Management SPC on behalf of Prescient Fund Segregated Portfolio
|
| Settlement date: | Sept. 11
|
| Stock symbol: | OTCBB: OKME
|
| Stock price: | $0.43 at close Sept. 10
|
| Market capitalization: | $60.43 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
