By Sheri Kasprzak
New York, June 6 - North American Scientific, Inc. said a group of investors has agreed to purchase $23,969,271 in stock in a private placement.
The investors, led by Three Arch Partners, will buy 12,291,934 shares at $1.95 each.
North American will also issue, as part of the offering, warrants for 6,145,967 shares, exercisable at $2.08 each for seven years.
CIBC World Markets Corp. was the placement agent for the deal, slated to close Wednesday.
Proceeds from the offering will be used for new product development, including development of the company's breast brachytherapy product. The remainder will be used for working capital.
Based in Chatsworth, Calif., North American Scientific manufactures products used in oncology.
| Issuer: | North American Scientific, Inc.
|
| Issue: | Stock
|
| Amount: | $23,969,271
|
| Shares: | 12,291,934
|
| Price: | $1.95
|
| Warrants: | For 6,145,967 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $2.08
|
| Placement agent: | CIBC World Markets Corp.
|
| Investor: | Three Arch Partners (lead)
|
| Announcement date: | June 6
|
| Settlement date: | June 7
|
| Stock symbol: | Nasdaq: NASI
|
| Stock price: | $1.96 at close June 6
|
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