Proceeds to be used to acquire Global Telesat Corp., continue testing
By Angela McDaniels
Tacoma, Wash., May 9 - World Surveillance Group Inc. sold $1.11 million of common stock under a securities purchase agreement reached on May 4, according to an 8-K filing with the Securities and Exchange Commission.
The 14,733,333 shares sold for $0.075 each, which is a 40% discount to the company's $0.125 closing share price on May 3.
The investors included the company's chairman, Michael Clark, and its technical partner, defense prime contractor Eastcor Engineering.
The proceeds will be used to complete the acquisition of defense contractor and satellite tracking firm Global Telesat Corp. and to continue the development and testing of Argus One UAV.
The company said it is working with Space Florida, a subdivision of the State of Florida, to complete a financing for up to an additional $1.5 million.
World Surveillance Group develops and sells lighter-than-air unmanned aerial vehicles. It is based in Kennedy Space Center, Fla.
| Issuer: | World Surveillance Group Inc.
|
| Issue: | Common stock
|
| Amount: | $1,105,000
|
| Shares: | 14,733,333
|
| Price: | $0.075
|
| Warrants: | No
|
| Investors: | Michael Clark (for $200,000)
|
| Agent: | Non-brokered
|
| Settlement date: | May 4
|
| Stock symbol: | OTCBB: WSGI
|
| Stock price: | $0.1295 at close May 9
|
| Market capitalization: | $38.1 million
|
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