10 million shares sold at $0.05 apiece along with 10 million warrants
By Devika Patel
Knoxville, Tenn., Feb. 26 – Rightscorp Inc. settled a $500,000 private placement of stock on Feb. 22, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 10 million common shares at $0.05 per share. The price per share is a 28.57% discount to the Feb. 19 closing share price of $0.07.
Investors also received warrants for 10 million shares. The warrants are each exercisable at $0.10 for three years. The strike price is a 42.86% premium to the Feb. 21 closing share price.
Proceeds will be used for general working capital purposes to accelerate the company’s growth.
The Santa Monica, Calif., company provides monetization services for artists and holders of copyrighted intellectual property.
| Issuer: | Rightscorp Inc.
|
| Issue: | Common shares
|
| Amount: | $500,000
|
| Shares: | 10 million
|
| Price: | $0.05
|
| Warrants: | For 10 million shares
|
| Settlement date: | Feb. 22
|
| Stock symbol: | OTCBB: RIHT
|
| Stock price: | $0.07 at close Feb. 19
|
| Market capitalization: | $6.99 million
|
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