Surna Inc. Closes Private Placement for Aggregate Total of $2,225,000
Proceeds to be used for sales expansion and strategic growth
BOULDER, Colo., March 8, 2017 /PRNewswire/ — Surna Inc. (OTC: SRNA) today announced the completion of a $2,225,000 private placement of 13,906,250 equity units at a price of $0.16 per unit. Each unit consisted of one share of common stock and a three-year warrant exercisable at $0.26 per share. No placement agent was used in the offering.
We believe the ability of the company to rapidly complete a private placement at a modest discount to the current market price demonstrates the confidence of our shareholders and the investment community in our organization and our business plan.
Surna CEO Trent Doucet
Coupled with the recent elimination of 95% of our long-term debt, this financing further strengthens our balance sheet. We are now financially positioned to aggressively pursue our vision for growth and to meet the rapidly increasing market opportunities we are seeing in both the U.S. and international markets.
Doucet also noted last week’s announcement of an $835,000 contract with Vancouver’s Sante Veritas Therapeutic as a further validation of the expanding geographic market potential for Surna’s products.
Following the private placement, Surna now has approximately 177 million shares of common stock issued and outstanding, and approximately 205 million shares outstanding on a fully diluted basis.
The company intends to conduct additional closings to accommodate investors with whom it has already been in discussions and who have executed paperwork. The company is not seeking or accepting additional new investors for this offering.
This press release is issued for informational purposes pursuant to Rule 135c of the Securities Act of 1933, as amended, and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Headquartered in Boulder, Colorado, Surna Inc. (otcqb:SRNA) develops and markets novel energy and resource-efficient solutions, including the company’s signature water-cooled climate control platform, which meet the highly specific demands of the cannabis industry for temperature, humidity, light and process control. Surna’s solutions aim to improve the efficiency, reliability, and overall yield of controlled environment agriculture (CEA). Though many of its clients do, Surna neither produces nor sells cannabis. For more information, please visit www.surna.com.
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