By Sheri Kasprzak
New York, Aug. 24 - pSivida Ltd. said it has wrapped a private placement of American depositary receipts for $4,225,000.
The company sold 650,000 ADRs at $6.50 each to mostly U.S.-based investors.
Each ADR represent 10 common shares, and the ADRs have an attached 1-for-10 warrant, exercisable at $12.50 each for three years.
Based in Perth, Australia, pSivida is a nanotechnology company focused on the biomedical sector. The proceeds will be used for the company's expansion into the United States.
| Issuer: | pSivida Ltd.
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| Issue: | American depositary receipts representing 10 common shares each
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| Amount: | $4,225,000
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| ADRs: | 650,000
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| Price: | $6.50
|
| Warrants: | One warrant for 10 shares per ADR
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| Warrant expiration: | Three years
|
| Warrant strike price: | $12.50
|
| Settlement date: | Aug. 24
|
| Stock price: | $6.60 at close Aug. 23
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