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Abazias.com raises extra $200,000 in funding
22 Dec '05
2 min read
Leading international diamond seller Abazias is pleased to announce that they have raised an additional $200,000 in private placement funding.
The purchase with a private investment group including Famalom, LLC and Abundance Partners, LP a NY based Hedge fund, concluded at or near market prices for an anticipated maximum of 2.43 million restricted shares, however at no less than .07 cents a share.
The agreement also includes partial non-registered warrant coverage with various strike prices up to 20 cents.
Proceeds will be used to further implement Abazias' business plan, which includes but is not limited to a larger marketing budget to increase awareness of its current dominant status as the largest online site for loose diamonds.
The proceeds will also allow Abazias to expand their online product offerings to include more jewelry and watches, including being the exclusive online seller of the Paris Hilton Limited Edition watches.
CEO Oscar Rodriquez commented, "Clearly,growth potential is evident to this investment group. With increased diamond sales, strategic marketing alliances and phenomenal 4th quarter sales, this was a ripe opportunity for us to expand our wingspan in the marketplace."
Rodriguez continues, "The prices are fair and with current low burn rate these funds will truly go to expanding business."
Abazias.com showcases over 70,000 diamonds, valued at over $350 million on its site at www.abazias.com. Most of Abazias.com's diamonds are GIA, AGS or EGL certified.
Abazias.com offers the "Couples Diamond" which is required to meet even higher standards for cut, clarity and dimensions. Abazias.com is also a full-service jeweler offering a large selection of settings for stones purchased. www.abazias.com.
The purchase with a private investment group including Famalom, LLC and Abundance Partners, LP a NY based Hedge fund, concluded at or near market prices for an anticipated maximum of 2.43 million restricted shares, however at no less than .07 cents a share.
The agreement also includes partial non-registered warrant coverage with various strike prices up to 20 cents.
Proceeds will be used to further implement Abazias' business plan, which includes but is not limited to a larger marketing budget to increase awareness of its current dominant status as the largest online site for loose diamonds.
The proceeds will also allow Abazias to expand their online product offerings to include more jewelry and watches, including being the exclusive online seller of the Paris Hilton Limited Edition watches.
CEO Oscar Rodriquez commented, "Clearly,growth potential is evident to this investment group. With increased diamond sales, strategic marketing alliances and phenomenal 4th quarter sales, this was a ripe opportunity for us to expand our wingspan in the marketplace."
Rodriguez continues, "The prices are fair and with current low burn rate these funds will truly go to expanding business."
Abazias.com showcases over 70,000 diamonds, valued at over $350 million on its site at www.abazias.com. Most of Abazias.com's diamonds are GIA, AGS or EGL certified.
Abazias.com offers the "Couples Diamond" which is required to meet even higher standards for cut, clarity and dimensions. Abazias.com is also a full-service jeweler offering a large selection of settings for stones purchased. www.abazias.com.
Abazias
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