Deal funds commercialization for ClearPoint Neuro Intervention System
By Devika Patel
Knoxville, Tenn., Dec. 19 – MRI Interventions, Inc. will raise about $10.2 million in a private placement of units on Dec. 18, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell about 15.8 million units of one common share and 0.4 of a warrant at $0.6435 per unit.
The whole, five-year warrants will each be exercisable at $0.858, a 4.63% premium to $0.82, the Dec. 17 closing share price.
Brookline Group, LLC is the lead placement agent.
Settlement is expected Dec. 19.
“We are very pleased to secure this financing,” president and chief executive officer-elect Frank Grillo said in a press release. “The proceeds from the private placement will strengthen our balance sheet, fund our ongoing commercialization efforts for our ClearPoint Neuro Intervention System, a next generation platform for performing real-time, MRI-guided minimally invasive neurosurgery, and drive the priorities I have established for the company.”
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 common share and 0.4 of a warrant
|
| Amount: | $10.2 million (approximate)
|
| Units: | 15.8 million (approximate)
|
| Price: | $0.6435
|
| Warrants: | 0.4 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.858
|
| Agent: | Brookline Group, LLC (lead)
|
| Pricing date: | Dec. 18
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| Settlement date: | Dec. 19
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| Stock symbol: | OTCBB: MRIC
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| Stock price: | $0.82 at close Dec. 17
|
| Market capitalization: | $53.09 million
|
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