Deal sells 4 million units with one-year warrants to Coldstream Summit
By Devika Patel
Knoxville, Tenn., June 26 - Arch Therapeutics Inc. settled a $1.25 million tranche of a $2 million private placement of units with Coldstream Summit Ltd. on June 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on April 19.
The company is selling 4 million units of one common share and one warrant at $0.50 per unit. It sold 2.5 million units in the initial tranche.
Each warrant is exercisable at $0.75 for one year. The strike price reflects a 25.74% discount to the April 18 closing share price of $1.01.
Proceeds will be used for ongoing business and operations.
The life science company is based in Dublin, Ireland.
| Issuer: | Arch Therapeutics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2 million
|
| Units: | 4 million
|
| Price: | $0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.75
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| Investor: | Coldstream Summit Ltd.
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| Pricing date: | April 19
|
| Settlement date: | June 26 (for $1.25 million)
|
| Stock symbol: | OTCBB: ARTH
|
| Stock price: | $1.01 at close April 18
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