By Sheri Kasprzak
New York, May 4 - World Am, Inc. concluded a $2.9 million private placement of units.
The company sold 29 units at $100,000 each.
Each unit includes 12.5 million shares and warrants for 3.125 million shares.
Each warrant is exercisable at $0.02 for two years.
A total of 362.5 million shares were issued in the deal.
Based in Newport Beach, Calif., World Am develops automatic passage and security devices.
| Issuer: | World Am, Inc.
|
| Issue: | Units of 12.5 million shares and warrants for 3.125 million shares
|
| Amount: | $2.9 million
|
| Units: | 29
|
| Price: | $100,000
|
| Warrants: | For 3.125 million shares per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.02
|
| Settlement date: | May 2
|
| Stock symbol: | OTCBB: WDAM
|
| Stock price: | $0.006 at close May 2
|
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