WBOAWatchet Boat Owners Association (UK)
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Contemporaneously with this acquisition and as a condition of the closing thereof, WBOA and the Company completed a private placement for gross proceeds of $3,300,000 through the sale of Company common stock and shares of WBOA Series A Convertible Preferred Stock and callable two-year warrants to purchase shares of WBOA common stock that will be exchanged for like preferred stock and warrants of the Company under the Share Purchase Agreement.