Company is selling 300,238,527 common shares to EFL Tech in offering
By Devika Patel
Knoxville, Tenn., Jan. 27 - Oryon Technologies, Inc. negotiated a $1.5 million private placement of stock with EFL Tech BV on Jan. 21, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $1 million at pricing.
The company is selling 300,238,527 common shares at about $0.005 per share. The price per share is an 83.33% discount to the closing share price of $0.03 on Jan. 17.
Oryon issued 85,271,779 shares in the $1 million first tranche. It will issue another 85,133,871 shares in the $250,000 second tranche, which will settle Feb. 28, and 129,832,877 shares in the third $250,000 tranche on March 31.
Proceeds will be used for general corporate purposes and debt repayment.
In connection with the placement, the company negotiated exchange and release agreements with a group of its unsecured creditors in which it issued 19,267,010 common shares to settle $695,250 of debt. The per-share exchange price for this debt was calculated based on the average of the closing prices of the stock from Dec. 1 to Jan. 20, for an exchange price of $0.036085 per share. The company also paid $122,125 in cash to the creditors.
Oryon is an Addison, Texas, developer and manufacturer of next-generation electroluminescent lighting technology.
| Issuer: | Oryon Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.5 million
|
| Shares: | 300,238,527
|
| Price: | $0.005 (approximate)
|
| Warrants: | No
|
| Investor: | EFL Tech BV
|
| Pricing date: | Jan. 21
|
| Settlement dates: | Jan. 21 (for $1 million), Feb. 28 (for $250,000), March 31 (for $250,000)
|
| Stock symbol: | OTCBB: ORYN
|
| Stock price: | $0.03 at close Jan. 17
|
| Market capitalization: | $3.13 million
|
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