Self-underwritten, best-efforts offering will last 180 days
By Angela McDaniels
Tacoma, Wash., May 15 - Ocean Electric Inc. is offering 45 million shares of common stock in a best-efforts direct public offering. The shares will be sold for $0.30 each, and the offering will generate up to $13.5 million of proceeds.
The price per share is the same as the company's closing share price on May 14.
The offering is self underwritten and will run for 180 days, according to an S-1 filing with the Securities and Exchange Commission.
The company plans to use the proceeds for capital expenditures, operations and working capital.
Ocean Electric is a development-stage company working on commercializing ocean energy extraction technologies. It is based in Carson City, Nev.
| Issuer: | Ocean Electric Inc.
|
| Issue: | Common stock
|
| Amount: | Up to $13.5 million
|
| Shares: | Up to 45 million
|
| Price: | $0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 15
|
| Stock symbol: | OTCBB: OCEL
|
| Stock price: | $0.30 at close May 14
|
| Market capitalization: | $16.74 million
|
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