Funds for sales and marketing expansion, general corporate purposes
By Marisa Wong
Madison, Wis., May 11 - Viking Systems, Inc. announced it closed a $3 million private placement of common stock and warrants with Clinton Group, Inc. and other investors on Tuesday.
Viking sold 12 million common shares and warrants to purchase up to 9 million common shares.
The warrants are exercisable at $0.25 per share for five years. The warrant strike price represents a 16.67% discount to the Monday closing share price of $0.30.
Proceeds will be used for general corporate purposes and working capital, including the funding of additional demonstration systems for the company's 3DHD Vision System and sales and marketing expansion.
Viking provides integrated solutions to the digital surgical environment and is based in Westborough, Mass.
| Issuer: | Viking Systems, Inc.
|
| Issue: | Common stock, warrants
|
| Amount: | $3 million
|
| Shares: | 12 million
|
| Price: | $0.25
|
| Warrants: | To purchase up to 9 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Investor: | Clinton Group, Inc.
|
| Settlement date: | May 10
|
| Stock symbol: | OTCBB: VKNG
|
| Stock price: | $0.29 at close May 10
|
| Market capitalization: | $17.05 million
|
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