By Sheri Kasprzak
Atlanta, April 21 - Uroplasty Inc. has completed a private placement of stock for $7.7 million.
The company sold 2.2 million shares at $3.50 each to institutional investors.
The investors also received warrants for 1.1 million shares, exercisable at $4.75 each for five years.
Craig Hallum Capital Group LLC was the placement agent.
Based in Minneapolis, Uroplasty develops, manufactures and markets medical devices used to treat urinary ailments. The proceeds will be used for general corporate purposes, including sales, marketing and product development.
| Issuer: | Uroplasty Inc.
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| Issue: | Stock
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| Amount: | $7.7 million
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| Shares: | 2.2 million
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| Price: | $3.50
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| Warrants: | For 1.1 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.75
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| Placement agent: | Craig Hallum Capital Group LLC
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| Settlement date: | April 21
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| Stock price: | $4.05 at close April 21
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