 |
 |
||||||
[Oct 2005]
Superconductive Components Completes Private Equity Financing
Superconductive Components Inc (Columbus, OH, USA), the manufacturer of ceramics and metals for advanced applications and also high temperature superconductive products, announced on 19 October 2005 the successful completion of a private equity financing.
The company received US$1.386 million in cash for 693,000 shares of its common stock at a price of US$2 per share and five-year warrants to purchase an additional 173,250 shares of common stock at US$3 per share. The company also converted US$587,110 of liabilities into 293,555 shares of common stock and five-year warrants to purchase an additional 73,389 shares of common stock at US$3 per share.
Dan Rooney, Chairman, President and CEO, commented: "We are very pleased to have successfully completed this private equity placement. It represents the largest single financing in the company's 18-year history and significantly strengthens our capital structure and balance sheet.
"This financing also enables the company to continue implementing its long-term growth strategy. Our plan is to use most of these funds to further expand manufacturing capacity in response to increased demand for our products in the photonic/optical and thin-film battery markets.
"As a result of this private equity placement, we have further diversified our shareholder base. We are actively pursuing plans to increase shareholder value and also improve liquidity for the company's common stock."
www.sciengineeredmaterials.com
ENDS