Deal conducted by agent WestPark Capital
By Devika Patel
Knoxville, Tenn., July 3 – Giggles N Hugs Inc. raised $90,000 in the second tranche of a $2.6 million private placement of stock on June 30, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced on May 27 and raised $140,000 on June 16.
The company is selling 6.7 million common shares. It sold 560,000 shares at $0.25 per share in the first tranche. The price per share is a 50% discount to the May 23 closing share price of $0.50.
The company sold shares at $0.25 per share and $0.30 per share in the second tranche. The prices per share are 50% and 40% discounts to the May 23 closing share price
WestPark Capital, Inc. is the agent.
Based in Los Angeles, the company owns and operates a kid-friendly restaurant named Giggles N Hugs.
| Issuer: | Giggles N Hugs Inc.
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| Issue: | Common shares
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| Amount: | $2.6 million
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| Shares: | 6.7 million
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| Warrants: | No
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| Agent: | WestPark Capital, Inc
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| Pricing date: | May 27
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| Settlement date: | June 16 (for $140,000), June 30 (for $90,000)
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| Stock symbol: | OTCBB: GIGL
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| Stock price: | $0.50 at close May 23
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| Market capitalization: | $13.26 million
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