By Sheri Kasprzak
New York, June 21 - Remedent, Inc. sealed a $7 million private placement.
The company sold 5.6 million shares at $1.25 each to a group of investors led by Special Situations Fund. The other investors included MicroCapital, LLC and Potomac Capital Management, LLC.
The institutional investors involved in the deal also received warrants for 4.2 million shares, exercisable at $1.55 each.
Proceeds will be used for working capital and general corporate purposes.
Based in Deurle, Belgium, Remedent develops oral care and cosmetic dentistry products.
| Issuer: | Remedent, Inc.
|
| Issue: | Stock
|
| Amount: | $7 million
|
| Shares: | 5.6 million
|
| Price: | $1.25
|
| Warrants: | For 4.6 million shares
|
| Warrant strike price: | $1.55
|
| Investors: | Special Situations Fund (lead); MicroCapital, LLC; Potomac Capital Management, LLC
|
| Settlement date: | June 21
|
| Stock symbol: | OTCBB: REMI
|
| Stock price: | $1.75 at close June 21
|
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