By Susanna Moon
Chicago, July 11 - Organitech USA Inc. said it secured a $2 million private placement with Keren Katzir Debenture for Investment Ltd., an Israeli investment company.
Katzir will invest $2 million for 10 million shares, or for 27.3% of the company's outstanding shares, at $0.20 per share.
The investor also will receive 3,846,154 warrants exercisable at $0.26 per share for three years.
The arrangement also includes pre-emption rights in connection with future issuances in order to maintain its shareholding in the company.
Proceeds will be used for marketing, according to a previous announcement.
Based in Yokneam, Israel, Organitech develops hydroponics factories and hydroponics greenhouses to grow lettuce, leafy vegetables, herbs and other plants.
| Issuer: | Organitech USA Inc.
|
| Issue: | Stock
|
| Amount: | $2 million
|
| Shares: | 10 million
|
| Price: | $0.20
|
| Warrants: | 3,846,154
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.26
|
| Investor: | Keren Katzir Debenture for Investment Ltd.
|
| Announcement date: | Feb. 7
|
| Pricing date: | July 11
|
| Stock symbol: | OTCBB: ORGT
|
| Stock price: | $0.24 at close Feb. 6
|
| Stock price: | $0.19 at close July 10
|
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