By Sheri Kasprzak
New York, Aug. 25 - On2 Technologies, Inc. wrapped a private placement for $1,767,000.
The company sold 3.1 million shares at $0.57 each and issued warrants for 2.3 million shares to Midsummer Investment, Ltd.
The warrants are exercisable at $0.77 each for five years.
Kuhns Brothers was the placement agent for the offering.
Proceeds will be used for investments to expand the company's global market presence in the internet protocol video market.
On2, based in New York, develops full-motion, full-screen compression and streaming video technologies used via the internet.
| Issuer: | On2 Technologies, Inc.
|
| Issue: | Stock
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| Amount: | $1,767,000
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| Shares: | 3.1 million
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| Price: | $0.57
|
| Warrants: | 2.3 million
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| Warrant expiration: | Five years
|
| Warrant strike price: | $0.77
|
| Placement agent: | Kuhns Brothers
|
| Settlement date: | Aug. 25
|
| Stock symbol: | Amex: ONT
|
| Stock price: | $0.70 at close Aug. 24
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