New Issue: Elite concludes $1.73 million placement of convertible preferreds

By Devika Patel

Knoxville, Tenn., Sept. 16 - Elite Pharmaceuticals, Inc. said it has completed a $1.73 million private placement of its series D convertible preferred stock.

The company sold 1,727 preferreds at $1,000.00 apiece. Each preferred is convertible into 5,000 common shares at $0.20 per share.

Investors also received warrants for 17.27 million common shares. The warrants are exercisable at $0.25 until Sept. 15, 2013.

ROTH Capital Partners, LLC and Boenning & Scattergood, Inc. were the co-lead agents.

Based in Northvale, N.J., Elite develops oral controlled-release products.

Issuer:	Elite Pharmaceuticals, Inc.
Issue:	Series D convertible preferred stock
Amount:	$1,727,000
Shares:	1,727
Price:	$1,000.00
Conversion price:	$0.20
Conversion ratio:	Into 5,000 shares
Warrants:	For 17.27 million shares
Warrant expiration:	Sept. 15, 2013
Warrant strike price:	$0.25
Agents:	ROTH Capital Partners, LLC and Boenning & Scattergood, Inc. (co-leads)
Settlement date:	Sept. 16
Stock symbol:	Amex: ELI
Stock price:	$0.15 at close Sept. 15

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