By Sheri Kasprzak
New York, March 13 - Robcor Properties, Inc. wrapped a private placement for $20 million connected to its reverse merger with Redpoint Bio Corp.
Robcor issued 24,691,358 shares at $0.81 each.
The investors also received warrants for 6.2 million shares, exercisable at $0.35 each.
Under the merger terms, Robcor issued 35.1 million shares to the stockholders of Redpoint. Redpoint will now be a wholly owned subsidiary of Robcor.
National Securities Corp. and Brean Murray, Carret & Co., LLC were the placement agents.
Proceeds from the placement will be used for Redpoint's research and development and for working capital.
Redpoint Bio is a development stage biotechnology company using advanced technology to discover and develop novel taste enhancers for the food, beverage and pharmaceutical industries.
| Issuer: | Robcor Properties, Inc.
|
| Issue: | Stock
|
| Amount: | $20 million
|
| Shares: | 24,691,358
|
| Price: | $0.81
|
| Warrants: | For 6.2 million shares
|
| Warrant strike price: | $0.35
|
| Placement agents: | National Securities Corp.; Brean Murray, Carret & Co., LLC
|
| Settlement date: | March 12
|
| Stock symbol: | OTCBB: RBCR
|
| Stock price: | $3.50 at close March 12
|
| Stock price: | $2.00 at close March 13
|
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