By Sheri Kasprzak
New York, Dec. 7 - Uluru Inc. closed a private placement of stock for $44.65 million, including the cancellation of an existing secured convertible debenture.
The company sold 47 million shares at $0.95 each in the deal. The price per share is a 4.4% premium to the company's $0.91 closing stock price Wednesday.
Of the proceeds, $6.2 million came from the cancellation of the debenture and $38.45 million was paid in cash. With the offering, the company retired all of its existing secured convertible debentures, which had totaled $13 million in cash and the issuance of the $6.2 million in stock.
Blue Trading Inc. was the placement agent for the offering.
Proceeds will be used for the company's commercialization strategy, including the launch of its first wound-care dressing.
Uluru, based in Addison, Texas, develops wound management, plastic surgery and oral care products.
| Issuer: | Uluru Inc.
|
| Issue: | Stock
|
| Amount: | $44.65 million
|
| Shares: | 47 million
|
| Price: | $0.95
|
| Warrants: | No
|
| Placement agent: | Blue Trading Inc.
|
| Settlement date: | Dec. 7
|
| Stock symbol: | OTCBB: ULUR
|
| Stock price: | $0.91 at close Dec. 6
|
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