Skins Inc., the developer of interchangeable footwear, has accepted subscription agreements for private placement units totaling $811,968 of which $475,000 cash proceeds have been received, $83,218 is derived from offsets against Board fees and consulting fees payable to members of the Board of Directors and Board of Advisors, and anticipated, but not yet received, cash proceeds of $253,750.
Each private placement unit has a subscription price of 5 cents per unit and consists of one share of company common stock and a one and one-half share purchase warrant at an exercise price of 5 cents. The Warrants would expire 30 months from the date of issuance. The subscribed shares and the underlying shares of the warrants will not be registered under any registration statement and will be subject to the restrictions on resale under Rule 144 of the Securities Act of 1933, as amended.
Mark Klein, president of Skins, commented, “We are very appreciative to have the continued support and shared vision of our management team, the members of our board of directors, and our original shareholders, all of whom contributed to this capital raise. The proceeds of the private placement will primarily be used to fund our restructured corporate working capital needs necessary to fulfill 2009 Spring Collection customer orders. The company will use the previously announced trade financing facility to fund production of the 2009 Spring Collection.”
