Offering will finance general corporate and working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 19 – Summer Energy Holdings, Inc. raised $54,450 in a private placement of stock on Aug. 15 and a further $2 million on Aug. 17, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 1,867,682 common shares at $1.10 apiece. The price per share is a 38.89% discount to the Aug. 12 closing share price of $1.80. Summer Energy sold 49,500 shares on Aug. 15 and 1,818,182 shares on Aug. 17.
Proceeds will be used for general corporate and working capital purposes.
The electricity provider is based in Murray, Utah.
| Issuer: | Summer Energy Holdings, Inc.
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| Issue: | Common shares
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| Amount: | $2,054,450
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| Shares: | 1,867,682
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| Price: | $1.10
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| Warrants: | No
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| Settlement dates: | Aug. 15 (for $54,450), Aug. 17 (for $2 million)
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| Stock symbol: | OTCBB: SUME
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| Stock price: | $1.80 at close Aug. 12
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| Market capitalization: | $37.24 million
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