By Sheri Kasprzak
Atlanta, Dec. 7 - Accesstel Inc. Tuesday released details on its previously announced plan to raise $8 million through a private placement.
The company is offering 1,955,990 restricted shares at $4.09 each. The pricing of the deal, according to Doug Glaser of DAG Enterprises Inc. in an interview Tuesday, is at a 25% discount to market. Glaser's company is the financial advisor for the deal.
The deal was originally announced Monday, but details could not be obtained at that time.
The offering will be conducted over the next year.
On Oct. 28 the company said that it had acquired Global Invest Holdings Inc., a Fairfield, N.J., textile production and marketing company. The company plans use the proceeds from the private placement for working capital and to purchase a new textile knitting and dyeing plant.
On Monday, Accesstel's stock closed up $0.23 at $5.48.
| Issuer: | Accesstel Inc.
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| Issue: | Restricted stock
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| Amount: | $8 million
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| Shares: | 1,955,990
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| Price: | $4.09
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| Warrants: | No
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| Announcement date: | Dec. 6
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| Stock price: | $5.48 at close Dec. 6
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