By Sheri Kasprzak
New York, Aug. 17 - Mediscience Technology Corp. said it has completed a private placement of units for $1,525,000.
The company sold 3.05 million units at $0.50 each to 30 accredited investors.
The units include one share and one warrant. The warrants provide for the purchase of another share at $1.00 each through Aug. 1, 2007.
The company had initially planned to raise up to $4 million in the offering but chose to scale it back to avoid additional dilution, according to a form 8-K filed with the Securities and Exchange Commission.
Based in Cherry Hill, N.J., Mediscience develops diagnostic tools used to detect cancer.
| Issuer: | Mediscience Technology Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | $1,525,000
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| Units: | 3.05 million
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| Price: | $0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Aug. 1, 2007
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| Warrant strike price: | $1.00
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| Settlement date: | Aug. 16
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| Stock price: | $0.38 at close Aug. 16
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