Company sells shares at $1.15 apiece to investor Pacific Rail Holdings
By Devika Patel
Knoxville, Tenn., Sept. 25 - Banyan Rail Services Inc. completed a $500,000 private placement of stock on Sept. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 434,783 common shares at $1.15 per share to Pacific Rail Holdings LLC. The price per share is identical to the Sept. 21 closing share price.
Proceeds were used for working capital purposes.
Based in Boca Raton, Fla., Banyan focuses its efforts on railroad track construction, repair and maintenance businesses.
| Issuer: | Banyan Rail Services Inc.
|
| Issue: | Common stock
|
| Amount: | $500,000
|
| Shares: | 434,783
|
| Price: | $1.15
|
| Warrants: | No
|
| Investor: | Pacific Rail Holdings LLC
|
| Settlement date: | Sept. 24
|
| Stock symbol: | Nasdaq: BARA
|
| Stock price: | $1.15 at close Sept. 21
|
| Market capitalization: | $3.47 million
|
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