By Sheri Kasprzak
New York, May 9 - Encorium Group, Inc. plans to close a $5 million private placement of units.
The company agreed to sell 1,748,252 units at $2.86 each to two institutional investors.
The units are comprised of one share and one half-share warrant. Each full warrant is exercisable at $4.12 for five years beginning six months after closing.
Savvian Advisors LLC was the placement agent.
The deal is set to close soon.
Proceeds will be used for working capital and general corporate purposes.
Located in Wayne, Pa., Encorium develops and manages clinical trials and patient registries for pharmaceutical and biotechnology companies.
| Issuer: | Encorium Group, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $5 million
|
| Units: | 1,748,252
|
| Price: | $2.86
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.12
|
| Placement agent: | Savvian Advisors LLC
|
| Announcement date: | May 9
|
| Stock symbol: | Nasdaq: ENCO
|
| Stock price: | $3.58 at close May 8
|
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