By Sheri Kasprzak
Atlanta, Dec. 28 - Franklin Capital Corp. said it closed the fourth tranche of its previously announced private placement for $234,000.
On Dec. 21, the company sold 29,250 shares at $8 each.
The investors in the offering also received warrants for 14,625 shares at a price equal to 110% of the closing price of the company's stock on the issuance date of the warrant. Franklin may force the exercise of the warrant if its stock trades above 200% of the warrant's exercise price for five consecutive trading days.
So far, Franklin has raised a total of $4,234,000 in the private placement.
The proceeds from the deal will be used to restructure the company and expedite its entry into the medical and health-care products industry and the financial services industry.
Franklin Capital is based in Santa Monica, Calif.
| Issuer: | Franklin Capital Corp.
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| Issue: | Stock
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| Amount: | $234,000
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| Shares: | 29,250
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| Price: | $8.00
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| Warrants: | For 14,625 shares
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| Warrant strike price: | Equal to 110% of the closing price on the date of issuance
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| Settlement date: | Dec. 23
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| Stock price: | $10.02 at close Dec. 23
|
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