By Laura Lutz
Des Moines, Nov. 16 - MicroIslet, Inc. arranged a $1 million private placement of stock with a private trust.
MicroIslet has agreed to sell about 2.35 million shares and issue warrants for about 1.3 million shares.
The warrants will be exercisable at $0.60 for five years, beginning on year after issuance.
Proceeds will be used for working capital.
Ronald Katz, the chairman of MicroIslet, is a co-trustee of the private trust. The beneficiaries of the trust are not affiliated with Katz.
MicroIslet is a San Diego-based biotechnology company.
| Issuer: | MicroIslet, Inc.
|
| Issue: | Stock
|
| Amount: | $1 million
|
| Shares: | 2.35 million (approximate)
|
| Warrants: | For 1.3 million shares (approximate)
|
| Warrant expiration: | Five years, beginning one year after issuance
|
| Warrant strike price: | $0.60
|
| Pricing date: | Nov. 16
|
| Stock symbol: | OTCBB: MIIS
|
| Stock price: | $0.47 at close Nov. 15
|
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