By Sheri Kasprzak
New York, Aug. 3 - Ocean West Holding Corp. closed an oversubscribed private placement for $3.2 million, the company said.
Ocean West sold 10,666,669 shares at $0.30 each to institutional and accredited investors.
The deal was first announced July 1 as an offering for up to $2 million and at least $750,000, under the same terms.
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.
|
| Issue: | Stock
|
| Amount: | $3.2 million
|
| Shares: | 10,666,669
|
| Price: | $0.30
|
| Warrants: | No
|
| Pricing date: | July 1
|
| Settlement date: | Aug. 1
|
| Stock price: | $1.30 at close July 1
|
| Stock price: | $0.80 at close Aug. 1
|
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