Agent Brookline will sell 851,000 units of one share and 0.9 warrants
By Devika Patel
Knoxville, Tenn., Aug. 31 – MRI Interventions, Inc. said it plans a $4.25 million private placement of units.
The company will sell 851,000 units of one common share and 0.9 warrant at $5.00 per unit.
Each warrant is exercisable at $5.50 for five years. The strike price is a 20.29% discount to the Aug. 30 closing share price of $6.90.
Brookline Capital Markets is the lead agent.
MRI Interventions also agreed to amend some of its 12% promissory notes and warrants held by two investors to provide for the automatic conversion of $1.75 million of the notes into 350,000 units with the same terms as those being offered in the placement.
Settlement is expected Sept. 6.
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 0.9 warrants
|
| Amount: | $4.25 million
|
| Units: | 851,000
|
| Price: | $5.00
|
| Warrants: | 0.9 warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.50
|
| Agent: | Brookline Capital Markets (lead)
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $6.90 at close Aug. 30
|
| Market capitalization: | $14.53 million
|
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