Skins Inc the developer of a revolutionary, patented, two-part interchangeable footwear structure, announced that the company sold a total of 4 million units to seven investors and raised an aggregate of $3 million in a private offering under Regulation S of the Securities Act of 1933, as amended.
The offering was made pursuant to a subscription agreement dated May 21, 2007. Each unit consists of one share of common stock of the company and one share purchase warrant, exercisable at an exercise price of $1.00 per share at any time upon election of the holder during the 30-month period following the offering.
The Company agreed to register the shares of common stock and the shares of common stock underlying the warrants on a registration statement that must be filed with the Securities and Exchange Commission within 30 days after the closing of the offering.
The securities were offered and sold in reliance upon exemptions from registration pursuant to Regulation S of the Securities Act of 1933, as amended. For each stockholder, the Company complied with the conditions of Rule 903.
Mark Klein, President and CEO of Skins Inc, said, "We are pleased to have completed this second round of financing, which will provide the company with all of its working capital requirements for the foreseeable future."
We are especially thrilled that these new investors share the enthusiasm that we have for our innovative footwear concept and have the option to purchase additional shares through the warrants that were issued.
"The launch of Skins footwear remains on track for July, and we are diligently working with our retail partners to ensure that the rollout of Skins is a tremendous success."
marketing@alchempro.com
