Sigma Labs Announces $1.0 Million Financing

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Sigma Labs or “The Company”, a provider of quality assurance software under the PrintRite3D® brand announced the sale to two purchasers in a private placement of an aggregate of 1,000 shares of the Company’s newly-created non-voting Series B Convertible Preferred Stock, stated value $1,000 per share (the “Series B Convertible Preferred”), and warrants (the “Warrants”) to purchase an aggregate of up to 750,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), for an aggregate purchase price of $1,000,000.  The Series B Convertible Preferred is convertible into 1,000,000 shares of Common Stock based on a conversion price of $1.00 per share. The Warrants are exercisable for five years commencing six months following the closing of the private placement at an exercise price of $1.47 per share.

Sigma Labs intends to use the net proceeds of this offering,

(i) to make additional hires with metallurgical and software expertise for the purpose of accelerating and completing the development of tools with Signature/Solution libraries and artificial intelligence facets that are designed to enable sophisticated closed loop control of additive manufacturing machines for real time quality assurance or rescue;

(ii) to acquire additional software and customer support personnel for production implementations;

(iii) for other working capital and general corporate purposes;

The net proceeds to the Company from this offering are anticipated to be approximately $840,000 after deducting the placement agent commissions and other estimated offering expenses payable by Sigma Labs. Dawson James Securities, Inc. acted as the exclusive placement agent for this offering, and was represented by Schiff Hardin, LLP, Washington, DC.This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sigma Labs, Inc.

Sigma Labs, Inc. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing.

 

Investor Relations Contact:

 Bret Shapiro/Managing Director
CORE IR
561-479-8566
brets@coreir.com

Sources & More information
Sources mentioned in the additve manufacturing news
Source:
Article:SANTA FE, N.M., April 06, 2018 (GLOBE NEWSWIRE) — Sigma Labs, Inc. (NASDAQ:SGLB) in https://globenewswire.com/news-release/2018/04/06/1466567/0/en/Sigma-Labs-Announces-Closing-of-1-0-Million-Private-Placement-Financing.html , visited on 8th April 2018.

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https://globenewswire.com/news-release/2018/04/06/1466567/0/en/Sigma-Labs-Announces-Closing-of-1-0-Million-Private-Placement-Financing.html, visited on 2018-04-08

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