Proceeds will fund sales and marketing purposes; units sold at $0.05
By Devika Patel
Knoxville, Tenn., July 15 – Beamz Interactive, Inc. said it completed a $1 million private placement of units. Chardan Capital Markets, LLC was the agent.
The company sold 20 million units of one restricted common share and one warrant at $0.05 per unit.
Each warrant is exercisable at $0.05 for three years. The strike price is a 16.67% discount to $0.06, the July 14 closing share price.
Proceeds will be used for sales and marketing purposes.
“We are very pleased with the completion of this financing. It allows us to focus on key sales and marketing initiatives to execute our business plan – particularly within the Education and Healthcare market segment where our products are being well received,” chief executive officer Charlie Mollo said in a press release.
“With the recent launch of our new products and interactive music apps, as well as our 15 new worldwide reseller and partner distribution agreements, we are well positioned to pursue this multi-billion dollar market opportunity.”
Based in Scottsdale, Ariz., Beamz develops and sells musical instruments, music software and music entertainment products to a range of music, game, therapy, education and consumer markets.
| Issuer: | Beamz Interactive, Inc.
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| Issue: | Units of one restricted common share and one warrant
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| Amount: | $1 million
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| Units: | 20 million
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| Price: | $0.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.05
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| Agent: | Chardan Capital Markets, LLC
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| Settlement date: | July 15
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| Stock symbol: | OTCBB: BZIC
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| Stock price: | $0.06 at close July 14
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| Market capitalization: | $1.85 million
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