Deal sells 1,333,333 units of one share, one warrant at $0.30 per unit
By Devika Patel
Knoxville, Tenn., May 20 - Solaris Power Cells Inc. settled a $400,000 private placement of units on May 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1,333,333 units of one common share and one warrant at $0.30 per unit.
Each warrant is exercisable at $0.40 for three years. The strike price reflects a 166.67% premium to the May 19 closing share price of $0.15.
Based in Palm Springs, Calif., Solaris is the creator of Solaris Smart-Cell, a passive electron storage array that replaces lead acid or lithium batteries.
| Issuer: | Solaris Power Cells Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $400,000
|
| Units: | 1,333,333
|
| Price: | $0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.40
|
| Settlement date: | May 20
|
| Stock symbol: | OTCBB: SPCL
|
| Stock price: | $0.15 at close on May 19
|
| Market capitalization: | $8.24 million
|
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