Offering sells 2,138,580 units of one common share and 0.70 warrants
By Devika Patel
Knoxville, Tenn., Jan. 23 - Novelos Therapeutics Inc. negotiated a $5.5 million private placement of units on Feb. 12, according to an 8-K filed Friday with the Securities and Exchange Commission. Burrill Securities LLC is the co-lead agent and Dawson James Securities, Inc. is the sub-agent in a co-lead capacity. The Benchmark Co., LLC is also a sub-agent.
The company will sell 11 million units of one common share and 1.5 warrants at $0.50 per unit.
The whole warrants are each exercisable at $0.50, with a warrant for a full share expiring in five years and the remaining half-share warrant expiring in one year.
The strike price is a 34.21% discount to the Feb. 11 closing share price of $0.76.
Novelos is a Madison, Wis.-based biotechnology company.
| Issuer: | Novelos Therapeutics Inc.
|
| Issue: | Units of one common share and 1.5 warrants
|
| Amount: | $5.5 million
|
| Units: | 11 million
|
| Price: | $0.50
|
| Warrants: | 1.5 warrants per unit
|
| Warrant expiration: | Five years, one year
|
| Warrant strike price: | $0.50
|
| Agent: | Burrill Securities LLC (co-lead), Dawson James Securities, Inc. (sub-agent in a co-lead capacity), Benchmark Co., LLC (sub-agent)
|
| Pricing date: | Feb. 12
|
| Stock symbol: | OTCBB: NVLT
|
| Stock price: | $0.76 at close Feb. 11
|
| Market capitalization: | $23.2 million
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