Investors receive warrants to buy three shares for every 10 purchased
By Angela McDaniels
Tacoma, Wash., May 7 - RestorGenex Corp. said it closed the second round of a private placement of common stock on Tuesday, raising an additional $13.67 million.
The company has issued 6,194,625 shares at $4.00 apiece for a total of $24.78 million. It issued 2,776,500 shares in the first round and 3,418,125 shares in the second round
The purchasers received four-year warrants to purchase three shares for every 10 shares purchased in the private placement. The exercise price per share is $4.80.
Maxim Group LLC is the placement agent.
Under the terms of the subscription agreement, the price per share was set at a 20% discount to the 10-day volume-weighted average price of the company's common stock as of the date of the initial, subject to a cap of $6.00 per share and a floor of $4.00 per share, and the exercise price of the warrants is 120% of the per-share price.
Proceeds will be used for the payment of liabilities, product development and general corporate purposes.
RestorGenex is a specialty biopharmaceutical company based in Los Angeles.
| Issuer: | RestorGenex Corp.
|
| Issue: | Common stock
|
| Amount: | $24,778,500
|
| Shares: | 6,194,625
|
| Price: | $4.00
|
| Warrants: | For three shares for every 10 shares purchased
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $4.80
|
| Agent: | Maxim Group LLC
|
| Settlement dates: | April 29 for $11,106,000; May 6 for $13,672,500
|
| Stock symbol: | OTCBB: RESX
|
| Stock price: | $5.50 at close on April 28
|
| Market capitalization: | $46.11 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
