International Barter Corp. said it finalized a private stock placement generating $1.25 million and completed a two-for-one stock split.
On June 20, the board of directors approved the placement of 500,000 units, each unit consisting of 1 share and 1 warrant. The average closing price at the time of the negotiations, June 15 to June 19, was $2.80.
“This capital will help advance our NASDAQ application, which we plan to submit by the end of this quarter,” said Steven White, president and CEO of IBC. “Securing our NASDAQ position is very important to the company. The placement also strengthens our cash position, currently $1.9 million (including the placement) which allows us to take advantage of opportunities to advance the company and gain market share.”
IBC previously announced a 2 for 1 stock split effective last Friday.
The company launched its e-commerce site, Ubarter.com on Monday of last week. Ubarter.com allows users to barter products and services on the Web for a fee. The company said it is pursuing an extensive advertising campaign to promote the site and continues technical enhancements to improve the site’s efficiency