By Sheri Kasprzak
Atlanta, June 21 - Minrad International, Inc. said it has raised an additional $3 million in a private placement of preferred stock.
The company sold 3,000 shares of series A convertible preferred stock at $1,000 each.
The preferreds pay annual dividends at 6% and are convertible into a total of 1.5 million common shares, or on the basis of 500 common shares for each preferred.
The investors also received warrants for 750,000 shares, exercisable at $3.85 each for three years.
KeyBanc Capital Markets and Chadbourn Securities, Inc. were placement agents.
On June 10, the company raised $7,035,000 from a private placement comprised of 7,035 shares of series A convertible preferred stock at $1,000 each.
Based in Buffalo, N.Y., Minrad is an acute care, medical device and pharmaceutical company.
Issuer: | Minrad International, Inc.
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Issue: | Series A convertible preferred stock
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Amount: | $3 million
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Shares: | 3,000
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Price: | $1,000
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Conversion ratio: | Into 1.5 million common shares
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Dividend: | 6%
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Warrants: | For 750,000 shares
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Warrant expiration: | Three years
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Warrant strike price: | $3.85
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Placement agents: | KeyBanc Capital Markets, Chadbourn Securities, Inc.
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Settlement date: | June 21
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Stock price: | $3.75 at close June 21
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