Published on 7/21/2009 in the Prospect News PIPE Daily.
New Issue: OmniReliant secures $5 million in private placement of equity warrant
By Devika Patel
Knoxville, Tenn., July 21 - OmniReliant Holdings, Inc. completed a $5 million private placement with Vicis Capital Master Fund on Monday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold a 10-year warrant for 95,506,276 common shares, exercisable at $0.25 per share. The investor also surrendered all of the warrants that it currently holds. These warrants will be canceled.
Based in Tampa, Fla., OmniReliant is a product licensing, management and marketing firm.
| Issuer: | OmniReliant Holdings, Inc.
|
| Issue: | Warrant
|
| Amount: | $5 million
|
| Warrant: | For 95,506,276 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.25
|
| Investor: | Vicis Capital Master Fund
|
| Settlement date: | July 20
|
| Stock symbol: | OTCBB: ORHI
|
| Stock price: | $1.01 at close July 19
|
| Market capitalization: | $14.7 million
|
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