MSTG News...
Tuesday October 19, 7:02 am Eastern Time
Company Press Release
Mustang.com, Inc. Completes $5.6 Million Private Financing
BAKERSFIELD, Calif.--(BUSINESS WIRE)--Oct. 19, 1999--Mustang.com, Inc. (Nasdaq:MSTG - news) today announced it has completed a private placement of its securities to institutional investors, receiving proceeds, before offering expenses, of approximately $5,600,000. In the financing, Mustang issued 765,908 shares of its common stock, and warrants to purchase up to 574,431 shares of its Common Stock. Mustang.com intends to use the net proceeds for working capital to finance the rapid implementation of its chief growth strategies.
The warrants are exercisable over a five-year period at an exercise price per share of $8.775. The company may force the investors to exercise the warrants beginning 18 months after the date a registration statement covering the resale of the shares underlying the warrants is declared effective by the Securities and Exchange Commission if the closing price of Mustang.com's stock exceeds $13.1625 per share on each of 10 consecutive trading days.
This announcement is neither an offer to sell nor a solicitation to buy any of Mustang.com's securities. The securities mentioned in this release have not been registered under the Securities Act of 1933 or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
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Contact:
Mustang.com, Inc.
Don Leonard, 661/873-2575
investor@mustang.com
or
Continental Capital & Equity,
Dodi B. Zirkle, 407/682-2001
dodi@insidewallstreet.com |
