Investor also receives warrants for 45.2 million common shares
By Devika Patel
Knoxville, Tenn., Jan. 12 – Electronic Cigarettes International Group, Ltd. said it settled a $9 million term loan financing.
The investor also received warrants for 45.2 million common shares, which are exercisable at $0.25, which is a 4.17% premium to the Jan. 11 closing share price of $0.24.
Proceeds will fund a settlement agreement with Fontem Ventures and satisfy debt obligations.
The Spring Lake, Mich., company markets and sells electronic cigarettes.
| Issuer: | Electronic Cigarettes International Group, Ltd.
|
| Issue: | Term loan
|
| Amount: | $9 million
|
| Warrants: | For 45.2 million shares
|
| Warrant strike price: | $0.25
|
| Settlement date: | Jan. 12
|
| Stock symbol: | OTCBB: ECIG
|
| Stock price: | $0.24 at close Jan. 11
|
| Market capitalization: | $17.43 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
