By Sheri Kasprzak
New York, May 19 - Nutrition 21, Inc. closed two private placements for total proceeds of $10 million.
The company issued a total of 5,555,556 shares in the two deals at $1.80 each to a group of investors that included Fort Mason Capital LLC and BETA.
The investors received warrants for 2,222,222 shares, exercisable at $2.20 each for five years.
C.E. Unterberg Towbin, LLC was the placement agent.
The proceeds will be used for marketing and advertising of Chromax and Diachrome, the company's two chromium picolinate-based products.
Nutrition 21, based in Purchase, N.Y., develops nutritional supplements.
| Issuer: | Nutrition 21, Inc.
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| Issue: | Stock
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| Amount: | $10 million
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| Shares: | 5,555,556
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| Price: | $1.80
|
| Warrants: | For 2,222,222 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.20
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| Investors: | Fort Mason Capital LLC and BETA (lead)
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| Placement agent: | C.E. Unterberg Towbin, LLC
|
| Settlement date: | May 19
|
| Stock symbol: | Nasdaq: NXXI
|
| Stock price: | $2.05 at close May 18
|
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