General Employment Enterprises enters into securities purchase agreement with Aracle SPF
Under the terms of the agreement, Aracle can purchase common stock of General Employment at price of $0.20 per share with 50% warrant coverage at an exercise price of $0.25, for a maximum 3,000,000 shares and 1,500,000 warrants. Concurrent with the execution of the SPA the parties conducted an initial closing thereunder, at which Aracle purchased 2,375,000 shares of the Company's common stock and 1,187,500 warrants for $475,000.
Aracle is a private investment company that seeks to maximize total returns by incorporating event driven capital and opportunistic approaches for investments in nationally and internationally based publicly-traded companies with market capitalization of less than $100M. .
Andrew Norstrud, Chief Executive Officer of General Employment, commented, "Teaming up with Aracle and closing on our first round of financing gives us the requisite investment capital to support the achievement of our corporate goals and growth initiatives. It gives us the opportunity to finalize the rebuilding of our corporate infrastructure, solidifying our company's foundation and working towards our continued expansion. We are pleased to have their support as a shareholder, and look forward to wrapping up this chapter and executing on our expansion plans."
More information on this financing can be found on file with the Securities & Exchange Commission at www.sec.gov.