By Sheri Kasprzak
Atlanta, Dec. 15 - Derma Sciences Inc. said Wednesday it will raise up to $1.5 million in a private placement.
The company plans to issue a maximum of 3 million units at $0.50 each. The units are comprised of one share and one warrant.
The warrants allow for an additional share at $1.05 each for four years.
The deal is scheduled to close Dec. 31.
On Dec. 10, the company sold 400,000 of the units for $200,000 and on Dec. 14 it sold 720,000 of the units for $360,000 for a total of $560,000 raised so far in the offering.
Based in Princeton, N.J., Derma Sciences manufactures sprays, ointments and dressings for chronic wounds.
| Issuer: | Derma Sciences Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $1.5 million
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| Shares: | 3 million units
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| Price: | $0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Four years
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| Warrant strike price: | $1.05
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| Announcement date: | Dec. 15
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 31
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| Stock price: | $0.70 at close Dec. 10
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| Stock price: | $0.60 at close Dec. 15
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