Digital Aria to buy shares at $0.12, with optional tranche of $825,000
By Devika Patel
Knoxville, Tenn., March 11 - RegeneRx Biopharmaceuticals, Inc. arranged a $2.35 million private placement of stock with Digital Aria Co., Ltd. on March 7, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Digital Aria also may buy an additional $825,000 of stock over the next 11 months
The company will sell common shares at $0.12 apiece. The price per share represents a 36.84% discount to $0.19, the closing share price on March 6.
Digital Aria agreed to invest $1.35 million by March 28 and $1 million by Aug. 31. The optional tranche of $825,000 will sell 5.5 million shares at $0.15 per share and will settle by Jan. 31, 2015.
The biopharmaceuticals developer is based in Rockville, Md.
| Issuer: | RegeneRx Biopharmaceuticals, Inc.
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| Issue: | Common shares
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| Amount: | $2.35 million
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| Price: | $0.12
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| Warrants: | No
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| Investor: | Digital Aria Co., Ltd.
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| Pricing date: | March 7
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| Settlement dates: | March 28 (for $1.35 million), Aug. 31 (for $1 million)
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| Stock symbol: | OTCBB: RGRX
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| Stock price: | $0.19 at close March 6
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| Market capitalization: | $17.73 million
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