BEESFREE, Inc. announced that it expects to receive $2.52 million in funding.
On the same day, the company received $210,000 in the first tranche of the transaction. The tranche included participation from one accredited investor. The company also issued two warrants to purchase 1,400,000 common shares of the company.
On June 20, 2013, the company announced that it has amended the terms of the transaction. The company will now issue warrants to purchase 1,050,000 common shares for each $105,000 invested. The initial exercise price of the warrants is $1.50 per share, subject to adjustment. If the fair market value of one share of common stock is greater than the exercise price of the warrants then it effect. The warrants may be exercised, in whole or in part, on a cashless basis. The company also issued an additional warrant to purchase 700,000 shares of common stock to the accredited Investor who invested in the first tranche.