Abazias Raises $0.25 Million
October 06, 05
Abazias Diamonds, an online retailer of diamonds and diamond jewelry, raised the first of two installments of cash, part of a round of private investments of $500,000. The purchase, with private investment group Famalom, LLC, concluded the first traunche last week with Abazias receiving $250,000.
The first purchase agreement concluded near market prices for a total of 3.5 million restricted shares that cannot be sold in the open market until either registered, or held for at least one year at just above 7 cents a share.
The company plans to use the money to increase its marketing budget and “increase awareness of its current dominant status as the largest online site for loose diamonds”.
Abazias.com currently showcases over 70,000 diamonds, valued at over $350 million on its site. Most of its diamonds are GIA, AGS or EGL certified. Abazias.com also acts as a full-service jeweler.
The company says it will use some of the money to expand their online jewelry and watches offerings.