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Identive Group Inc Announces New Funding From Private Placement

Wednesday, 14 Aug 2013 08:39am EDT 

Identive Group Inc announced that it has entered into subscription agreements for the private placement of up to 8,348,471 shares of its common stock and 8,348,471 warrants to purchase shares of its common stock to accredited and other qualified investors in the United States and internationally. The anticipated gross proceeds will be approximately $7.1 million before offering expenses and transaction costs of approximately 10%, with investors paying $0.85 for one share and one warrant. The warrants have a strike price of $1.00 and are exercisable for a period of four years, beginning six months after closing. While the investors have the option to withdraw their investment if the gross proceeds at closing do not reach $8 million, to date investors representing over 94% of the amount subscribed have agreed to waive the option. The proceeds will be used for working capital purposes, capacity expansion and balance sheet optimization. The transaction is expected to close on or about August 15, 2013. 

Company Quote

-0.04 -0.37%
4:00pm EDT