By Sheri Kasprzak
New York, Oct. 21 - eMagin Corp. said it has secured $9,143,000 from a private placement with a group of new and existing institutional and accredited investors.
The investors plan to buy 16,623,636 shares at $0.55 each.
eMagin will issue warrants for 6,649,455 shares, exercisable at $1.00 each through Oct. 20, 2010. The investors will also receive warrants for up to 3,324,727 shares, also exercisable at $1.00 each through Oct. 20, 2010, but these warrants will be canceled if eMagin's net revenue for fiscal year 2006 exceeds $20 million or if the investor has sold more than 25% of the shares purchased under the agreement.
The proceeds will be used for working capital.
Roth Capital Partners was the placement agent.
Based in Bellevue, Wash., eMagin develops organic light-emitting diode microdisplays and virtual imaging technologies.
| Issuer: | eMagin Corp.
|
| Issue: | Stock
|
| Amount: | $9,143,000
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| Shares: | 16,623,636
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| Price: | $0.55
|
| Warrants: | For 6,649,455 shares and 3,324,727 shares exercisable only under certain circumstances
|
| Warrant expiration: | Oct. 20, 2010
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| Warrants strike price: | $1.00
|
| Placement agent: | Roth Capital Partners
|
| Announcement date: | Oct. 21
|
| Stock price: | $0.87 at close Oct. 20
|
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