Brownie's Marine Group, Inc. announced that it has received $0.365 million in funding
September 16, 2021
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Brownie's Marine Group, Inc. announced that it has completed a subscription agreement of private placement of 14,600,000 units at issue price of $0.025 per unit for gross proceeds of $365,000 on September 17, 2021. The transaction included participation from 5 investors including Charles F. Hyatt, member of company's board of directors and affiliate of Charles F. Hyatt for an aggregate of 10,600,000 units. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at an exercise price of $0.025 per share for a period of 2 years. All the securities issued are subject to restriction. The securities are issued pursuant to Rule 506(b) of Regulation D.
Brownie's Marine Group, Inc. designs, tests and manufactures recreational hookah diving, tankless dive systems, rescue air systems and yacht-based self-contained underwater breathing apparatus air compressor (SCUBA) and nitrox generation fill systems. Its subsidiaries are focused on various sub-sectors of its industry, including Brownie's Third Lung in Surface Supplied Air (SSA), BLU3, Inc. in Ultra-Portable Tankless Dive Systems, LW Americas in High Pressure Gas Systems, Submersible Systems, Inc. (SSI) in Redundant Air Tank Systems and Live Blue, Inc. Its segments include Legacy SSA Products, which sells recreational multi-diver surface supplied air diving systems; High Pressure Gas Systems sells high pressure air and industrial gas compressor packages; Ultra Portable Tankless Dive Systems sells electric surface supply air diving systems and electric shallow dive system; Redundant Air Tank Systems manufactures and distributes of pressure tanks, and air systems, and Guided Tour Retail.
BROWNIE'S MARINE GROUP, INC. 