torvec inc

Richard A. Kaplan, Chief Executive Officer of Torvec, Inc. (OTCQB:TOVC) the Rochester, NY-based maker of advanced, proven vehicle differentials and hydraulic pump technologies as well as technologies for fatigue management, announced the company’s private placement offering of up to $2,500,000 of the Company’s Series C-3 Voting Convertible Preferred Stock, par value $0.01 per share, at the price of $0.25 per share in a private placement pursuant to Rule 506(c) promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). The offering is being made only to “accredited investors” as defined in Rule 501(a) of Regulation D under the Securities Act. The minimum required purchase by any subscriber is $25,000.

The offering commenced on December 8, 2015 and will remain open until January 11, 2016 (subject to an extension of up to 30 days at our discretion) or such earlier time as we sell the maximum amount of Series C-3 Preferred Shares available in the offering. Shareholders of record of the Company’s common stock as of December 4, 2015 (an “Eligible Shareholder”), are entitled to a preference in the offering (assuming eligibility requirements are met).  The Company will accept all subscriptions to purchase Series C-3 Preferred Shares from Eligible Shareholders (who are otherwise eligible to participate) received by 5:00 p.m. Eastern Time on December 30, 2015 before accepting subscriptions from other investors. Eligible Shareholders may subscribe to purchase Series C-3 Preferred Shares after 5:00 p.m. Eastern Time on December 30, 2015 but they will not be entitled to any preference.

For additional information, please visit Torvec, Inc. website via this link

 PPM update courtesy of Globenewswire.