By Sheri Kasprzak
Atlanta, Feb. 11 - Multicell Technologies Inc. has concluded a $4 million private placement of stock.
The company issued 26,666,668 shares at $0.15 each to 11 accredited investors.
The investors also received warrants for 18 million shares at $0.20 each for three years and warrants for 8 million shares at $0.30 each for three years.
If Multicell does not file a registration statement between 90 and 150 days, it will be forced to pay a penalty of $2,667 per day to investor Mercator Advisory Group and its related funds.
Connected to the private placement, the company has named Anthony Cataldo as co-chairman of its board of directors for a three-year term. Cataldo received stock options for 250,000 shares, exercisable at $0.28 each.
Also connected to the offering, the company named Stephen Chang as president of the company. Chang has previously served on the company's board of directors, and he will continue to serve as a board member.
Multicell, based in Warwick, R.I., provides liver cell-based products for drug discovery and therapeutic purposes.
| Issuer: | Multicell Technologies Inc.
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| Issue: | Stock
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| Amount: | $4 million
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| Shares: | 26,666,668
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| Price: | $0.15
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| Warrants: | For 18 million shares and 8 million shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.20 for 18 million shares; $0.30 each for 8 million shares
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| Investors: | Mercator Advisory Group
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| Settlement date: | Feb. 10
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| Stock price: | $0.34 at close Feb. 10
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