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  • GlobalWise Investments, Inc. (GWIV) Completes $3.0 Million Private Placement 0 comments
    Mar 7, 2013 10:30 AM | about stocks: INLX-OLD

    GlobalWise announced after the closing bell yesterday that the company has entered into a securities purchase agreement, involving the sale of its common stock and the exchange of previously issued convertible promissory notes, for a total of $3.0 million.

    On February 28, 2013, GlobalWise, a leading-edge technology company focused on the design, implementation, and management of cloud-based Enterprise Content Management ("ECM") systems in both the public and private sectors, entered into a securities purchase agreement with certain accredited investors. The agreement resulted in the sale of 15,000,000 shares of the company's common stock, par value $0.001 per share, at a purchase price of $0.20 per share, for aggregate cash proceeds of $2,650,000, together with the exchange of $350,000 in convertible promissory notes issued between January 28, 2013, and February 7, 2013, to certain investors associated with the company's placement agent, Taglich Brothers.

    GlobalWise intends to use the net proceeds for working capital and general corporate purposes, including debt reduction. The company's CEO, William J. "BJ" Santiago, said, "The proceeds from this Offering will, among other uses, provide us capital to expand and participate in joint growth strategies with our global channel partners and increase market penetration for our cloud-based ECM initiatives. We welcome our new shareholders and appreciate their support."

    The securities sold by GlobalWise were not registered under the Securities Act of 1933 or the securities laws of any state, and were sold in reliance upon exemptions from the registration requirements of the Securities Act and applicable state securities laws. Therefore, such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

    For more details, please see the current report on Form 8-K filed by GlobalWise on March 6, 2013.

    For additional information on GlobalWise and its subsidiary, Intellinetics, visit GlobalWiseInvestments.com and Intellinetics.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: INLX-OLD
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