Medical device company sells its preferred units at $50,000.00 apiece
By Devika Patel
Knoxville, Tenn., June 9 - Vycor Medical Inc. reported in an 8-K filed Thursday with the Securities and Exchange Commission that Burnham Hill Partners LLC was the agent for part of a private placement of units. The company settled a $1.57 million tranche on June 7, and the agent was responsible for $720,000 of the proceeds raised in that tranche.
The company sold 31.4 units of one series C convertible preferred share and one warrant for 1,111,111 shares at $50,000.00 per unit.
Each whole warrant is exercisable at $0.03 for three years. The strike price is identical to the June 6 closing share price of $0.03.
Each preferred is convertible into 2,222,222 common shares at $0.0225 per share, which is a 25% discount to the June 6 closing price.
Proceeds will be used for working capital and general corporate purposes.
The medical device company is based in Boca Raton, Fla.
Issuer: | Vycor Medical Inc.
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Issue: | Units of one series C convertible preferred share and one warrant for 1,111,111 shares
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Amount: | $3 million
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Price: | $50,000.00
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Conversion price: | $0.0225
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Conversion ratio: | Into 2,222,222 common shares (per preferred)
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Warrants: | One warrant for 1,111,111 shares per unit
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Warrant expiration: | Three years
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Warrant strike price: | $0.03
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Agent: | Burnham Hill Partners LLC (for $720,000)
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Settlement date: | June 7 (for $1.57 million)
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Stock symbol: | OTCBB: VYCO
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Stock price: | $0.03 at close June 7
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Market capitalization: | $20.01 million
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