Offering sells 2,475,000 shares with warrants for 9.86 million shares
By Devika Patel
Knoxville, Tenn., March 12 - Intellicell Biosciences, Inc. concluded a $435,000 tranche of a private placement of stock on Feb. 29, according to an 8-K filed Monday with the Securities and Exchange Commission. As previously reported, the company raised $2.04 million on Feb. 23, for a total of $2.48 million.
The company sold 2.04 million common shares at $1.00 apiece in the first tranche and 435,000 shares in the second. Investors also received five-year warrants for 8.16 million shares in the first tranche and warrants for 1.74 million shares in the second.
The class A warrants are exercisable for 4.93 million shares at an initial strike price of $2.00 per share. The class B warrants are exercisable for 4.93 million shares at an initial strike price of $3.75 per share.
Proceeds will be used for development and commercialization of the company's transdermal drug delivery platform.
The private biosciences company is based in New York.
| Issuer: | Intellicell Biosciences, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,475,000
|
| Shares: | 2,475,000
|
| Price: | $1.00
|
| Warrants: | For 9.86 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00 (for 4.93 million shares), $3.75 (for 4.93 million shares)
|
| Settlement date: | Feb. 23 (for $2.04 million), Feb. 29 (for $435,000)
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