Deal sells 2.34 million shares at $2.40 to investors, including CEO
By Devika Patel
Knoxville, Tenn., Oct. 18 - Prime Global Capital Group Inc. settled a $5.62 million private placement of stock on Oct. 18, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 2.34 million common shares at $2.40 apiece. Of the shares, 1.86 million were sold to chief executive officer Weng Kung Wong for $4.46 million. The price per share is identical to the Oct. 17 closing share price.
Proceeds will be used for real estate acquisitions and general corporate purposes.
The company is based in Kuala Lumpur, Malaysia, and develops, distributes and operates mobile and online social networking, e-commerce and search products and services. The company has toned down its e-commerce and mobile commerce services and recently expanded to include the acquisition, lease or management of castor seed and oil palm plantations and the acquisition, management and sale of commercial and residential real estate properties in Malaysia.
| Issuer: | Prime Global Capital Group Inc.
|
| Issue: | Common stock
|
| Amount: | $5,616,000
|
| Shares: | 2.34 million
|
| Price: | $2.40
|
| Warrants: | No
|
| Investor: | Weng Kung Wong (for $4,464,000)
|
| Settlement date: | Oct. 18
|
| Stock symbol: | OTCBB: PGCG
|
| Stock price: | $2.40 at close Oct. 17
|
| Market capitalization: | $1.22 billion
|
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