Company offers units of two shares and two warrants to Maxum Overseas
By Devika Patel
Knoxville, Tenn., Aug. 31 - Oryon Technologies Inc. settled a $250,000 second tranche of a $2 million private placement of units with Maxum Overseas Fund on Aug. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $725,000 in the placement between Nov. 2, 2011 and April 23.
The company sold 725,000 units of two common shares and warrants for two shares at $1.00 per unit in the first tranche and 250,000 units in the second tranche.
Each warrant is exercisable at $0.75 for five years. The strike price is a 4.17% premium to $0.72, the Aug. 30 closing share price.
Proceeds will be used for general corporate purposes.
Oryon is an Addison, Texas, developer and manufacturer of next-generation electroluminescent lighting technology.
| Issuer: | Oryon Technologies Inc.
|
| Issue: | Units of two common shares and warrants for two shares
|
| Amount: | $2 million
|
| Units: | 2 million
|
| Price: | $1.00
|
| Warrants: | Warrants for two shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Investor: | Maxum Overseas Fund
|
| Settlement dates: | April 23 (for $725,000), Aug. 31 (for $250,000)
|
| Stock symbol: | OTCBB: ORYN
|
| Stock price: | $0.72 at close Aug. 30
|
| Market capitalization: | $25.19 million
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