By Sheri Kasprzak
New York, April 9 - Robcor Properties, Inc. closed a $12.96 million tranche of its previously announced private placement, bringing the total proceeds raised in the offering to $32.96 million.
The company sold 16 million common shares at $0.81 apiece.
The investors also received warrants for 4 million shares, exercisable at $1.35 each.
In the first closing, which occurred March 13, the company sold 24,691,358 shares at $0.81 each.
National Securities Corp. and Brean Murray, Carret & Co. were the placement agents.
Proceeds will be used for research and development costs and working capital.
Cranbury, N.J.-based Robcor is the parent company of Redpoint Bio Corp., a biotechnology company that uses advanced technology to discover and develop novel taste enhancers for the food, beverage and pharmaceutical industries.
| Issuer: | Robcor Properties, Inc.
|
| Issue: | Stock
|
| Amount: | $12.96 million
|
| Shares: | 16 million
|
| Price: | $0.81
|
| Warrants: | For 4 million shares
|
| Warrant strike price: | $1.35
|
| Placement agents: | National Securities Corp.; Brean Murray, Carret & Co.
|
| Settlement date: | April 6
|
| Stock symbol: | OTCBB: RBCR
|
| Stock price: | $3.00 at close April 6
|
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