Deal includes warrants for 1,051,094 shares, exercisable at $1.00 each
By Devika Patel
Knoxville, Tenn., April 19 - Islet Sciences, Inc. completed a $945,985 private placement of stock on April 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 2,102,189 common shares at $0.45 apiece. The price per share is a 92.5% discount to the April 12 closing share price of $6.00.
The investors also received warrants for an additional 1,051,094 shares, which are each exercisable at $1.00. The strike price represents an 83.33% discount to the April 12 closing share price.
Islet is a biotechnology company based in New York.
| Issuer: | Islet Sciences, Inc.
|
| Issue: | Common shares
|
| Amount: | $945,985
|
| Shares: | 2,102,189
|
| Price: | $0.45
|
| Warrants: | For 1,051,094 shares
|
| Warrant strike price: | $1.00
|
| Settlement date: | April 13
|
| Stock symbol: | OTCBB: ISLT
|
| Stock price: | $6.00 at close April 12
|
| Market capitalization: | $118.09 million
|
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