BOULDER — Surna Inc. (OTCQB: SRNA) has completed a private placement offering valued at $1.2 million.
Surna, a Boulder-based manufacturer of lighting, environmental-control and air-sanitation systems for cannabis cultivation as well as traditional indoor agricultural facilities, issued a total of 7,562,500 units valued at 16 cents per unit.
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Each unit consisted of one share of common stock and one three-year warrant for the purchase of one share of common stock at an exercise price of 25 cents per share.
The company will use $400,000 of the proceeds from the offering to repurchase 3,125,000 shares of common stock from co-founders Stephen B. Keen and Brandy M. Keen, for a repurchase price of 12.8 cents per share. The remainder of the proceeds from the offering will be used for working capital and general corporate purposes.
“This raise will allow Surna to continue to implement its growth plan, with expanded engineering services and scope, investments in new product development, continuing improvements in the experience and breadth of knowledge of our staff, and a broadening of our sales coverage,” Surna CEO Chris Bechtel said in a prepared statement “We are also gratified that a core group of existing stockholders have shown their continued confidence in Surna’s business and prospects and our management team.”