Franklin Capital gets additional $3.5 million from second closing of private placement

By Sheri Kasprzak

Atlanta, Nov. 17 - Franklin Capital Corp. said Wednesday it has raised $3.5 million in a private placement of shares.

Franlin's chief executive officer Todd Ault did not return phone calls Wednesday for additional details on the deal.

Based in Santa Monica, Calif., Franklin Capital is entering the medical products and health care industry and the financial services industry. The company will use the proceeds from the financing to expedite its entry into those businesses.

On Wednesday, the company's stock closed up $0.20 at $11.

Franklin previously on Nov. 9 disclosed it raised $3.245 million in a private placement, selling 405,625 shares and warrants at $8 per share. The warrants allow for the purchase of up to 202,810 shares for five years at an exercise price equal to 110% of the closing price of Franklin's stock on the date of issuance and sale of shares to the investor. The sale closed Nov. 3.

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