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EX-99 - EXHIBIT 99.1, PRESS RELEASE - TOR MINERALS INTERNATIONAL INC | exhibit99.htm |
UNITED STATES |
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TOR Minerals International,
Inc. Delaware |
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0-17321 |
74-2081929 |
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(361) 883-5591 |
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Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below): |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 8.01 Other events.
On December 13, 2011, TOR Mineral announced that it has received $2,650,000 in cash proceeds from the exercise of warrants that were previously issued in connection with a private placement completed during October of 2008. In total, warrants to purchase a total of 265,000 common shares were exercised at a strike price of $10 per share.
Included in the group of investors who have exercised warrants were four board members: David A. and Douglas M. Hartman, Bernard A. Paulson, and Thomas W. Pauken, who exercised warrants to purchase a total of 180,000 shares.
"TOR has made a remarkable improvement in financial performance during the past two years and is well positioned to continue to benefit from new product introductions, improving efficiencies, tight cost controls, as well as favorable market dynamics," said Bernard A. Paulson, Chairman of the Board of Directors of TOR Minerals. "This warrant exercise will further strengthen the balance sheet and provide greater flexibility to address future opportunities."
A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit |
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99.1 |
Press Release, dated December 13, 2011, announcing the exercise of warrants |
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Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. |
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TOR MINERALS INTERNATIONAL, INC. |
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Date: December 13, 2011 |
/s/ BARBARA RUSSELL |
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Barbara Russell |
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EXHIBIT INDEX
Exhibit No. |
Description
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99.1 |
Press Release, dated December 13, 2011, announcing the exercise of warrants |