By Laura Lutz
Des Moines, Sept. 20 - Wentworth II, Inc. arranged a private placement of stock and warrants for up to $6 million, according to an 8-K filing with the Securities and Exchange Commission.
The placement has a minimum size of $4 million.
The company plans to sell up to 4,800,000 common shares at $1.25 each. For each share sold, the company will also issue one warrant, exercisable at $1.5625.
The offering will be conducted through a placement agent.
Before the placement is closed, Wentworth and Omnia Luo Group Ltd. plan to enter into an exchange agreement, but the terms of that deal have not been set.
Omnia Luo may cancel the private placement in certain conditions, including the escalation of hostilities between the United States and any foreign country other than Iraq.
Based in Vero Beach, Fla., Wentworth does not currently have any significant operations. Omnia Luo designs women's clothing that is sold in China.
| Issuer: | Wentworth II, Inc.
|
| Issue: | Stock and warrants
|
| Amount: | $6 million (maximum); $4 million (minimum)
|
| Shares: | 4,800,000 (maximum); 3,200,000 (minimum)
|
| Price: | $1.25
|
| Warrants: | One warrant per share issued
|
| Warrant strike price: | $1.5625
|
| Pricing date: | Sept. 14
|
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