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Fallon McElligott has filed documents with the Minnesota Department of Commerce that allow the agency to issue an additional $6.5 million of privately held stock.
According to the documents, the proceeds will be used for “ordinary corporate purposes, including working capital.”
However, agency chairman Pat Fallon said the filing, made on July 20, is not designed to raise cash but is simply a “procedural requirement.” Said Fallon, “We have a certain number of shareholders where we have to do this for legal reasons.”
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