Company sells 120,000 units at $1.50 each to chairman, CEO Joerg Ott
By Toni Weeks
San Diego, April 16 - GBS Enterprises Inc. arranged a $180,000 private placement of units on Monday, according to an 8-K filed with the Securities and Exchange Commission.
The company agreed to sell 120,000 units of one common share and a warrant at $1.50 per unit to Joerg Ott, the company's chief executive officer and chairman of the board of directors.
Each warrant is exercisable for three years at $1.50 per share, a 50% premium to the April 13 closing share price of $1.00.
Based in Woodstock, Ga., GBS is a software and services company specializing in cloud automation and business software application modernization and transformation.
| Issuer: | GBS Enterprises Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $180,000
|
| Units: | 120,000
|
| Price: | $1.50
|
| Warrant: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.50
|
| Announcement date: | April 16
|
| Stock symbol: | OTCBB: GBSX
|
| Stock price: | $1.00 at close April 13
|
| Market capitalization: | $27.25 million
|
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