FT. LAUDERDALE, Fla. — Sunair Services Corporation has entered into purchase agreements with institutional and other accredited investors for the private placement of its securities. Under the purchase agreements, investors have agreed to purchase 2,857,142 shares of common stock at a price of $5.25 per share and warrants to purchase up to one million shares of common stock at an exercise price of $6.30 per share exercisable after 180 days from the date of issuance, and expiring 5 years from the date of issuance.
No more results found. Approximately two million shares will be issued in a first closing expected to occur on or about December 16, 2005, subject to certain closing conditions. The balance of approximately 857,142 shares will be issued on the same terms in a second closing, subject to certain closing conditions including shareholder approval under AMEX rules.
The net proceeds from the private placement will be used to fund acquisitions, retire debt, and for general purposes. Additional details regarding the private placement will be provided on a Form 8-K to be filed by the Company.
John Hayes, Chief Executive Officer of Sunair Services Corporation, said, "This financing is an important step in executing our plan for growth and expansion."