By Devika Patel
Knoxville, Tenn., Dec. 5 - International Commercial Television, Inc. announced it has closed a $3,261,500 private placement of units.
The company sold 1,482,500 units at $2.20 apiece to Praetorian Capital Management LLC. Each unit consists of one common share and one warrant, with each warrant exercisable at $3.00 for three years.
Proceeds will be used for expanding inventory levels of the Derma Wand, purchasing additional television media, new product development, the Cell-Rx U.S. market launch and general working capital purposes.
Based in Bainbridge Island, Wash., International Commercial Television produces long-form and short-form infomercials, and sells its brands of advertised products directly to its viewing audience.
| Issuer: | International Commercial Television, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3,261,500
|
| Units: | 1,482,500
|
| Price: | $2.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.00
|
| Investor: | Praetorian Capital Management LLC
|
| Settlement date: | Dec. 5
|
| Stock symbol: | OTCBB: RBCF
|
| Stock price: | $3.00 at close Dec. 4
|
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