Innovo Group Inc announced that it has closed on approximately $3.6 million in new equity financing through a private placement to certain accredited investors.
The accredited investors include entities controlled by William Sweedler and Barry Sternlicht.
The Company has issued 6,834,347 shares of its common stock at a price of $0.53 per share to secure the financing, in addition to warrants to purchase an additional 2,050,304 shares of the Company's common stock at an exercise price of $0.58 per share.
Net proceeds will be used for working capital purposes to fund its plans for continued growth moving into fiscal 2007.
marketing@alchempro.com
