18 Apr 2008capital raising announcement▲ GoodMajor
On April 17, 2008 International Energy completed a $2,400,000 private placement of 4,000,000 units at $0.60 to 10 accredited investors. Each unit was one share plus a two-year Series B warrant at $0.60. The proceeds are for working capital, and the company agreed to register the shares for resale. A broker dealer was paid 100,000 units as commission. This is the first equity raise in the filings, after the Rayat loans that funded the algae research.
What it means for a shareholder
4.0m new shares at $0.600 to raise about $2.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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