Sigma Labs Announces Closing of $1.0 Million Private Placement Financing
April 06 2018 - 6:15PM
Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs” or the “Company”), a
provider of quality assurance software under the PrintRite3D®
brand, today announced the sale to two purchasers in a private
placement of an aggregate of 1,000 shares of the Company’s
newly-created non-voting Series B Convertible Preferred Stock,
stated value $1,000 per share (the “Series B Convertible
Preferred”), and warrants (the “Warrants”) to purchase an aggregate
of up to 750,000 shares of the Company’s common stock, par value
$0.001 per share (“Common Stock”), for an aggregate purchase price
of $1,000,000. The Series B Convertible Preferred is
convertible into 1,000,000 shares of Common Stock based on a
conversion price of $1.00 per share. The Warrants are exercisable
for five years commencing six months following the closing of the
private placement at an exercise price of $1.47 per share.
The Company intends to use the net proceeds of
this offering (i) to make additional hires with metallurgical and
software expertise for the purpose of accelerating and completing
the development of tools with Signature/Solution libraries and
artificial intelligence facets that are designed to enable
sophisticated closed loop control of additive manufacturing
machines for real time quality assurance or rescue, (ii) to acquire
additional software and customer support personnel for production
implementations, and (iii) for other working capital and general
corporate purposes.
The net proceeds to Sigma Labs from this
offering are anticipated to be approximately $840,000 after
deducting the placement agent commissions and other estimated
offering expenses payable by Sigma Labs.
Dawson James Securities, Inc. acted as the
exclusive placement agent for this offering, and was represented by
Schiff Hardin, LLP, Washington, DC.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these 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.
For more information regarding the private
placement, please refer to the Current Report on Form 8-K filed by
Sigma Labs today.
About Sigma Labs, Inc. Sigma
Labs, Inc. is a provider of quality assurance software under the
PrintRite3D® brand and a developer of advanced, in-process,
non-destructive quality assurance software for commercial firms
worldwide seeking productive solutions for advanced manufacturing.
For more information please visit us at
www.sigmalabsinc.com.
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended (which Sections
were adopted as part of the Private Securities Litigation Reform
Act of 1995). Statements preceded by, followed by or that otherwise
include the words “believe,” “anticipate,” “estimate,” “expect,”
“intend,” “plan,” “project,” “prospects,” “outlook,” and similar
words or expressions, or future or conditional verbs such as
“will,” “should,” “would,” “may,” and “could” are generally
forward-looking in nature and not historical facts. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the Company's
actual results, performance or achievements to be materially
different from any anticipated results, performance or
achievements. The Company disclaims any intention to, and
undertakes no obligation to, revise any forward-looking statements,
whether as a result of new information, a future event, or
otherwise. For additional risks and uncertainties that could impact
the Company’s forward-looking statements, please see the Company’s
Annual Report on Form 10-K (including but not limited to the
discussion under “Risk Factors” therein) filed with the SEC on
March 31, 2017 and which may be viewed at http://www.sec.gov.
Investor Relations Contact:Bret ShapiroManaging
DirectorCORE IR561-479-8566 brets@coreir.com
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