Transaction amount includes conversion of $150,000 in bridge financing
By Toni Weeks
San Luis Obispo, Calif., Sept. 3 – Kogeto, Inc. completed a $441,000 private placement of stock on Aug. 27, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 1,575,000 common shares at $0.28 per share.
Investors also received five-year warrants to purchase up to 315,000 shares, each one exercisable at $0.32 per share.
The per-share price is a 46.15% discount to the closing share price of $0.52 on Aug. 26. The strike price is a 38.46% discount to that price.
The company also reported that the transaction includes the conversion of $150,000 in bridge financing, for which the investor received an additional five-year warrant exercisable for 100,000 shares at the same strike price.
Net proceeds will be used for capital expenditure requirements, working capital and other general corporate purposes.
The New York company manufactures cameras and accessories and provides a web platform that allow people to capture and share videos.
| Issuer: | Kogeto, Inc.
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| Issue: | Common shares, warrants
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| Amount: | $441,000
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| Shares: | 1,575,000
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| Price: | $0.28
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| Warrants: | For 315,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.32
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| Announcement date: | Sept. 3
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| Settlement date: | Aug. 27
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| Stock symbol: | OTCBB: KGTO
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| Stock price: | $0.52 at closed Aug. 26
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| Market capitalization: | $20.14 million
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