CEA Industries Inc. (CEAD)

[dweeb79]

Surna Completes $1.2 Million Equity Offering

June 12, 2018
Proceeds to be used to repurchase founders' shares and for working capital and general corporate purposes

BOULDER, Colorado, June 12, 2018 /PRNewswire/ --

Surna Inc. (the "Company") (SRNA) announced today that it completed a private placement offering of investment units, at a price of $0.16 per unit, with certain accredited investors. The Company issued a total of 7,562,500 units for aggregate proceeds of $1,210,000. 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 $0.25 per share.

The Company will use $400,000 of the proceeds from the offering to repurchase 3,125,000 shares of the Company's Common Stock from Stephen B. and Brandy M. Keen, co-founders of the Company, for a repurchase price of $0.128 per share. The remainder of the proceeds from the offering will be used for working capital and general corporate purposes.

"This raise will allow Surna to continue to implement its growth plan, with expanded engineering services and scope, investments in new product development, continuing improvements in the experience and breadth of knowledge of our staff, and a broadening of our sales coverage," stated Chris Bechtel, the Company's Chief Executive Officer. "We are also gratified that a core group of existing stockholders have shown their continued confidence in Surna's business and prospects and our management team," added Mr. Bechtel.

https://finance.yahoo.com/news/surna-completes-1-2-million-201000141.html