By Sheri Kasprzak
New York, July 8 - Ocean West Holding Corp. said it has arranged a private placement for up to $2 million and at least $750,000.
The company plans to sell up to 6,666,667 shares and at least 2.5 million shares at $0.30 each.
On July 1, the company sold 3,333,333 shares and on July 7, the company sold 1.01 million shares.
The offering is expected to close July 31, but may be extended through Aug. 31.
The proceeds will be used to repay $100,000 of outstanding principal and interest to Allied International Fund. The remainder will be used for research, development, marketing, working capital and general corporate purposes.
Based in Tustin, Calif., Ocean West is a wholesale and retail mortgage lender.
| Issuer: | Ocean West Holding Corp.
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| Issue: | Stock
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| Amount: | $2 million (maximum); $750,000 (minimum)
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| Shares: | 6,666,667 (maximum); 2.5 million (minimum)
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| Price: | $0.30
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| Warrants: | No
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| Pricing date: | July 1
|
| Settlement date: | July 31
|
| Stock price: | $1.30 at close July 1
|
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