By Devika Patel
Knoxville, Tenn., May 28 - HepaLife Technologies, Inc. said in a company news release and an 8-K filed Wednesday with the Securities and Exchange Commission that it completed a $4.53 million private placement of units on May 23.
The company sold 10,660,705 units at $0.425 per unit. Each unit consists of one common share and one two-year series C warrant, which is exercisable at $0.55.
Palladium Capital Advisors, LLC was the placement agent.
Proceeds will be used for working capital.
Based in Boston, HepaLife develops an artificial liver device.
| Issuer: | HepaLife Technologies, Inc.
|
| Issue: | Units of one common share and one series C warrant
|
| Amount: | $4,530,799.625
|
| Units: | 10,660,705
|
| Price: | $0.425
|
| Warrants: | One series C warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.55
|
| Agent: | Palladium Capital Advisors, LLC
|
| Settlement date: | May 23
|
| Stock symbol: | OTCBB: HPLF
|
| Stock price: | $0.59 at close May 23
|
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