Surna Completes $1.8 Million Equity Offering
Proceeds to be used for working capital and growth initiatives
BOULDER, Colo., Dec. 13, 2017 /PRNewswire/ — Surna Inc. (the “Company”) (OTCQB: SRNA), a manufacturer of a proprietary line of application-specific lighting, environmental control and air sanitation systems for state-regulated cannabis cultivation facilities as well as traditional indoor agricultural facilities, announced today that it completed a private placement offering of investment units, at a price of $0.12 per unit, with certain accredited investors. The Company issued a total of 14,734,000 units for aggregate proceeds of $1,768,080. No placement agent or broker commissions or fees were paid in connection with the offering. Each unit consisted of one share of common stock and one three-year warrant for the purchase of one share of common stock at an exercise price of $0.20 per share.
Surna has recently expanded both its sales and project management teams with key hires, with the objective of ramping organic growth over the next 24 months, and this private placement will help further accelerate that growth plan.
Chris Bechtel, Chief Executive Officer
We are also gratified that a number of our existing stockholders expressed continued confidence in the plan by increasing their investments in the company, and we believe it is also noteworthy that Surna’s own management team subscribed for 18% of the units in this offering.
About Surna Inc.
Surna Inc. (www.surna.com) develops innovative technologies and products that monitor, control and or address the energy and resource intensive nature of indoor cannabis cultivation. Currently, our revenue stream is derived primarily from supplying industrial technology and products to commercial indoor cannabis grow facilities.
Headquartered in Boulder, Colorado, our engineering team strives to create novel energy and resource efficient solutions, including our signature water-cooled climate control platform to create technological solutions and products that solve the highly specific demands of the cannabis industry for temperature, humidity, light and process control. Our goal is to provide intelligent solutions to improve the quality, the control and the overall yield and efficiency of controlled environment agriculture. Though our customers do, we neither produce nor sell cannabis.
Before this cannabis stock news is here, it's published to subscribers on 420 Investor.