More equity sales from troubled company.
Fresh on the heels of raising $370,000 through equity sales at the end of last month, Live Current Media has raised another $225,000 through the same offering. That brings the total to $595,000. All told, the equity sale included 5.95 million shares and 5.95 million warrants to purchase shares at 15 cents each within the next two years.
Live Current says it will use this money for general purposes and to purchase inventory for its Perfume.com site for the holidays rush.
The closing of this financing will allow Live Current Media to purchase brand name fragrances directly without having to go through the secondary, grey market and to sell them at improved marginsâ€, states Live Current President and COO, Paul Morrison. “Perfume.com will now be able to, in addition to purchasing the classic fragrances, have access to the newest fragrances as they are released. It can take up to six months for these new products to filter down to the secondary, grey market, providing Live Current with product that few other e-commerce sites will carry.
I suspect “grey market” is used frequently in the perfume world, but it seems like a sketchy way to explain the market in which your business operates. “Secondary market” isn’t quite to inflammatory.