By Sheri Kasprzak
New York, Feb. 15 - Cereplast, Inc. said it has concluded two private placements for total proceeds of $2,298,550.
In the first offering, completed in December 2005, the company issued 10,073,000 shares for proceeds of $1,007,300.
Most recently, the company issued 10.33 million shares at $0.125 each for proceeds of $1,291,250.
Also, Cereplast entered into a $10 million equity investment agreement with Cumorah Capital, Inc. Under the terms of the agreement, Cumorah will buy shares of Cereplast at 90% of the lowest closing bid price for the five trading days before notice of a draw.
Along with the agreement, Cereplast issued 5 million of the company's stock at the same price of its January 2005 private placement, or $0.125.
Based in Hawthorne, Calif., Cereplast develops bio-based resins used as substitutes for petroleum-based plastics.
First issue
| Issuer: | Cereplast, Inc.
|
| Issue: | Stock
|
| Amount: | $1,007,300
|
| Shares: | 10,073,000
|
| Price: | $0.10
|
| Warrants: | No
|
| Settlement date: | December 2005
|
| Stock symbol: | OTCBB: CERP
|
| Stock price: | $0.68 at close Feb. 15
|
|
|
| Second issue
|
| Issuer: | Cereplast, Inc.
|
| Issue: | Stock
|
| Amount: | $1,291,250
|
| Shares: | 10.33 million
|
| Price: | $0.125
|
| Warrants: | No
|
| Settlement date: | Feb. 14
|
| Stock symbol: | OTCBB: CERP
|
| Stock price: | $0.68 at close Feb. 15
|
|
|
| Equity agreement
|
| Issuer: | Cereplast, Inc.
|
| Issue: | Equity investment agreement
|
| Amount: | $10 million
|
| Price: | 90% of the lowest five-day closing price of the company's stock
|
| Warrants: | No
|
| Investor: | Cumorah Capital, Inc.
|
| Settlement date: | Feb. 13
|
| Stock symbol: | OTCBB: CERP
|
| Stock price: | $0.68 at close Feb. 13
|
|
|
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