SNAP Interactive Raises $8.5 Million For Social Dating Applications
Under the terms of the transaction, SNAP has agreed to sell approximately 4.25 million shares of its common stock to institutional investors at $2 per share and warrants to purchase up to approximately 2.125 million additional shares of its common stock.
The warrants to purchase additional shares will be exercisable at an exercise price of $2.50 per share and will expire five years from the closing date (expected to be 19 January).
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