By Sheri Kasprzak
New York, Nov. 7 - Whitney Information Network, Inc. said it plans to raise $11.25 million in a private placement.
The offering includes up to 2.5 million units at $4.50 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at $6.00 each.
The company's chief executive officer, Russell Whitney, has agreed to sell up to 750,000 of the 2.5 million units being offered and has the right to sell up to 50% of the units sold.
So far, Whitney Information Network has sold 600,000 units to a single institutional investor.
Based in Cape Coral, Fla., Whitney Information Network operates financial education seminars.
| Issuer: | Whitney Information Network, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $11.25 million (maximum)
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| Units: | 2.5 million (maximum)
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| Price: | $4.50
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| Warrants: | One half-share warrant per unit
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| Warrant strike price: | $6.00
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| Announcement date: | Nov. 7
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| Stock price: | $5.50 at close Nov. 7
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