Company is selling 10 million restricted common shares at $1.00 each
By Devika Patel
Knoxville, Tenn., Nov. 20 - CannaVEST Corp. raised $1.2 million in the initial tranche of a $10 million private placement of stock on Nov. 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced Nov. 7.
The company is selling 10 million restricted common shares at $1.00 per share. The price per share is a 96.83% discount to the Nov. 6 closing share price of $31.50.
CannaVEST sold 1.2 million shares in the first tranche.
The Las Vegas company sells products to the nutriceutical industry containing the hemp plant extract, Cannabidoil.
| Issuer: | CannaVEST Corp.
|
| Issue: | Restricted common stock
|
| Amount: | $10 million
|
| Shares: | 10 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 15 (for $1.2 million)
|
| Stock symbol: | OTCBB: CANV
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| Stock price: | $31.50 at close Nov. 6
|
| Market capitalization: | $299.47 million
|
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