Deal funds commercialization for ClearPoint Neuro Intervention System
By Devika Patel
Knoxville, Tenn., Dec. 15 – MRI Interventions, Inc. will raise $5.29 million in a private placement of units on Dec. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell 16,309,270 units of one common share, 0.4 series A warrants and 0.3 series B warrants at $0.3246 per unit.
The five-year series A warrants will each be exercisable at $0.4058, a 3.38% discount to $0.42, the Dec. 14 closing share price. The five-year series B warrants will each be exercisable at $0.5275, a 25.6% premium to the Dec. 14 closing share price.
Brookline Group, LLC is the lead placement agent.
Settlement is expected Dec. 18.
Proceeds will be used for general corporate purposes, with a focus on providing growth capital for the commercialization efforts for the ClearPoint Neuro Navigation System.
Based in Memphis, MRI Interventions develops systems for minimally invasive surgical procedures in the brain and heart.
| Issuer: | MRI Interventions, Inc.
|
| Issue: | Units of one common share, 0.4 series A warrants and 0.3 series B warrants
|
| Amount: | $5,293,989
|
| Units: | 16,309,270
|
| Price: | $0.3246
|
| Warrants: | 0.4 series A warrants and 0.3 series B warrants per unit, for a total of 6,523,762 series A warrants and 4,892,819 series B warrants
|
| Warrant expiration: | Five years (series A and series B)
|
| Warrant strike price: | $0.4058 (series A), $0.5275 (series B)
|
| Agent: | Brookline Group, LLC (lead)
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $0.42 at close Dec. 14
|
| Market capitalization: | $31.11 million
|
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