By Devika Patel
Knoxville, Tenn., Sept. 15 - TOR Minerals International, Inc. said it has arranged to take in $2.1 million from a private placement of units.
The company said it will sell 70 investment units at $30,000.00 per unit.
Each unit consists of 25,000 common shares and a warrant to purchase an additional 25,000 common shares. Each warrant is exercisable at $2.00 per share for three years.
Settlement is expected Sept. 30.
Proceeds will be used for working capital purposes.
Headquartered in Corpus Christi, Texas, TOR Minerals is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications, including synthetic titanium dioxide, color pigments, specialty aluminas and other high performance mineral fillers.
| Issuer: | TOR Minerals International, Inc.
|
| Issue: | Units of 25,000 common shares and a warrant for an additional 25,000 common shares
|
| Amount: | $2.1 million
|
| Units: | 70
|
| Price: | $30, 000.00
|
| Warrants: | One warrant for 25,000 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 30
|
| Stock symbol: | Nasdaq: TORM
|
| Stock price: | $1.30 at close Sept. 12
|
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