Oilfield services company HII Technologies Inc. (OTC: HIIT) closed a private placement of 4,000 shares of Series A convertible preferred stock for about $3.87 million in net proceeds, the company said July 8.
The net proceeds will support working capital and “future growth opportunities,” the company said.
Purchasers also received warrants to purchase 500 common shares for each Series A share, the company said. The warrants are exercisable for three years at $1.00 per share, the company added.
"We are very pleased to complete this equity financing originally contemplated at ...