By Sheri Kasprzak
Atlanta, Nov. 22 - LifePoint Inc. said Monday it has raised $4 million through the private placement of convertible preferred shares and warrants.
The company sold 4,000 units made up of one series E convertible preferred share and one warrant at $1,000 per unit.
The preferreds are convertible into 5,000 common shares and pay a dividend of 5%.
The warrants in the deal are exercisable for 5,000 shares at $0.40 per share for five years.
Investment groups and funds including St. Cloud Capital LLC and Stephens Investment Management LLC participated in the private placement.
Think Equity Partners LLC was placement agent in the deal.
Along with the private placement, LifePoint received approval from the American Stock Exchange to waive shareholder approval requirements.
The Ontario, Calif.-based LifePoint is a non-invasive drug diagnostic technology company. The company will use the proceeds from the equity line for general working capital.
| Issuer: | LifePoint Inc.
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| Issue: | Units of one series E convertible preferred share and one warrant
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| Amount: | $4 million
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| Shares: | 4,000 units
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| Price: | $1,000 per unit
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| Dividend: | 5%
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| Conversion ratio: | 5,000 shares per unit
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| Warrants: | For 5,000 shares per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.40
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| Placement agent: | Think Equity Partners LLC
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| Investors: | St. Cloud Capital LLC and Stephens Investment Management LLC
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| Settlement date: | Nov. 22
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| Stock price: | $0.23 at close Nov. 22
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