Company sells 5.45 million units at $1.10 to help fund business growth
By Marisa Wong
Madison, Wis., July 5 - MRI Interventions, Inc. announced it completed a $6 million private placement of units on Thursday. The financing priced on June 25.
MRI sold 5.45 million units at a price of $1.10 per unit. Each unit consists of one common share and one half-share warrant. The warrants are exercisable at $1.45 per share for five years. The strike price reflects a 6.62% premium to the June 22 closing share price of $1.36.
Summer Street Research Partners was a placement agent for the deal.
Proceeds will be used for general corporate and working capital purposes.
"We are pleased to secure this additional financing, which improves our financial position and provides further support as we continue to grow our business," chief executive officer Kimble Jenkins said in a press release.
Based in Memphis, MRI Interventions develops systems for minimally invasive surgical procedures in the brain and heart.
| Issuer: | MRI Interventions, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $6 million
|
| Units: | 5.45 million (approximate)
|
| Price: | $1.10
|
| Warrants: | Each warrant to purchase 0.5 common share
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.45
|
| Agent: | Summer Street Research Partners
|
| Pricing date: | June 25
|
| Settlement date: | July 5
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $3.56 at close July 3
|
| Market capitalization: | $161.79 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
