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Article: LMIC, Inc. Receives $4.95 Million Equity Funding Commitment.
- Article from:
- Business Wire
- Article date:
- January 22, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors/High-Tech Writers
BELTSVILLE, Md.--(BUSINESS WIRE)--Jan. 22, 2004
LMIC, Inc. (OTCBB:LMII) announced today that it has entered into a stock purchase agreement for $4.95 million of private equity financing from a group of investors led by Vertical Ventures, LLP. Under the terms of the agreement, the investors will receive 3.3 million shares of Common Stock of LMIC and five year warrants for the purchase of an additional 3.3 million shares of Common Stock at an initial purchase price of $1.50 per share.
"By spearheading this action, Vertical Ventures has recognized the value of LMIC as a growing and vital contract manufacturing ...