Company sells common shares at $2.12 apiece with five-year warrants
By Devika Patel
Knoxville, Tenn., April 5 - Omnitek Engineering Corp. said it raised about $5 million in a private placement of stock.
The company sold common shares at $2.12 apiece. The price per share is a 50.58% discount to $4.29, the April 4 closing share price.
Investors also received five-year warrants that are each exercisable at $3.88. The strike price is a 9.56% discount to the April 4 closing share price.
Merriman Capital, Inc. was the agent.
Based in San Marcos, Calif., Omnitek develops and sells new natural gas engines, as well as proprietary diesel-to-natural gas conversion systems and complementary products.
| Issuer: | Omnitek Engineering Corp.
|
| Issue: | Common stock
|
| Amount: | $5 million (approximate)
|
| Price: | $2.12
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.88
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| Agent: | Merriman Capital, Inc.
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| Announcement date: | April 5
|
| Stock symbol: | OTCBB: OMTK
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| Stock price: | $4.29 at close April 4
|
| Market capitalization: | $75.02 million
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