By Devika Patel
Knoxville, Tenn., Jan. 27 - Worldwide Energy & Manufacturing USA, Inc. said it plans a private placement of stock for approximately $8 million.
The company will sell approximately 1.7 million common shares at $4.50 per share.
Investors also will receive warrants for approximately 1.7 million shares. Each warrant is exercisable at $5.65 for five years.
Ladenburg Thalmann & Co. Inc. is the agent.
Proceeds will be used as working capital.
San Bruno, Calif.-based Worldwide Energy & Manufacturing is an engineering firm specializing in manufacturing.
Issuer: | Worldwide Energy & Manufacturing USA, Inc.
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Issue: | Common stock
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Amount: | $8 million (approximate)
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Shares: | 1.7 million (approximate)
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Price: | $4.50
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Warrants: | For approximately 1.7 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $5.65
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Agent: | Ladenburg Thalmann & Co. Inc.
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Pricing date: | Jan. 27
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Stock symbol: | OTCBB: WEMU
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Stock price: | $5.65 at close Jan. 26
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Market capitalization: | $17 million
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