Offering sells 8,022,500 units of one share and a warrant at $0.40
By Devika Patel
Knoxville, Tenn., Aug. 29 – TapImmune Inc. raised $709,000 in the second tranche of a $3.21 million private placement of units on Aug. 26, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $2.5 million on Aug. 10.
In total, the company sold 8,022,500 units of one common share and one warrant at $0.40 per unit. It sold 6.25 million units on Aug. 10 and 1,772,500 units on Aug. 26.
Each warrant is exercisable at $0.50 for five years. The strike price is identical to the Aug. 9 closing share price.
Proceeds will be used for general corporate purposes, including clinical trials and research and development.
TapImmune is a Seattle-based immunotherapy company specializing in the development of innovative vaccine technologies for the treatment of cancer and infectious disease.
Issuer: | TapImmune Inc.
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Issue: | Units of one common share and one warrant
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Amount: | $3,209,000
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Units: | 8,022,500
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Price: | $0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $0.50
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Settlement date: | Aug. 10 (for $2.5 million), Aug. 26 (for $709,000)
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Stock symbol: | OTCBB: TPIV
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Stock price: | $0.50 at close on Aug. 9
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Market capitalization: | $47.17 million
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