Brightline Ventures purchases company's common shares in two tranches
By Devika Patel
Knoxville, Tenn., Sept. 18 - Z Trim Holdings, Inc. completed a $470,000 private placement of stock with Brightline Ventures I-C, LLC on Aug. 20, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It raised another $492,000 on Sept. 18.
The company sold 376,000 common shares at $1.25 per share in the August tranche and 468,571 shares at $1.05 per share in the September tranche. The prices per share are a 15.74% premium and 2.78% discount to $1.08, the closing share price on Aug. 19.
The second tranche included warrants for 234,286 shares. Each warrant is exercisable at $1.50, a 38.89% premium to the Aug. 19 closing price.
Proceeds will be used for working capital needs and other general corporate purposes.
Z Trim is based in Mundelein, Ill., and makes Z Trim, a food ingredient made from the hulls of corn that is used as a fat replacement or emulsifier.
| Issuer: | Z Trim Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $962,000
|
| Investor: | Brightline Ventures I-C, LLC
|
| Settlement dates: | Aug. 20 (for $470,000), Sept. 18 (for $492,000)
|
| Stock symbol: | OTCBB: ZTHO
|
| Stock price: | $1.08 at close Aug. 19
|
| Market capitalization: | $34.83 million
|
|
|
| August tranche
|
| Amount: | $470,000
|
| Shares: | 376,000
|
| Price: | $1.25
|
| Warrants: | No
|
|
|
| September tranche
|
| Amount: | $492,000
|
| Shares: | 468,571
|
| Price: | $1.05
|
| Warrants: | For 234,286 shares
|
| Warrant strike price: | $1.50
|
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