Medical device company sells its preferred units at $50,000 apiece
By Devika Patel
Knoxville, Tenn., Aug. 4 - Vycor Medical Inc. raised another $660,000 in a private placement of units on Aug. 4, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company settled a $1.57 million tranche on June 7 and raised $770,000 on June 28.
The company sold 60 units of one series C convertible preferred share and one warrant for 1,111,111 shares at $50,000 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.
Burnham Hill Partners LLC was the agent for $1.24 million of the offering.
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.
|
| Issue: | Units of one series C convertible preferred share and one warrant for 1,111,111 shares
|
| Amount: | $3 million
|
| Units: | 60
|
| Price: | $50,000
|
| Conversion price: | $0.0225
|
| Conversion ratio: | Into 2,222,222 common shares (per preferred)
|
| Warrants: | One warrant for 1,111,111 shares per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.03
|
| Agent: | Burnham Hill Partners LLC (for $1.24 million)
|
| Settlement date: | June 7 (for $1.57 million), June 28 (for $770,000) Aug. 4 (for $660,000)
|
| Stock symbol: | OTCBB: VYCO
|
| Stock price: | $0.03 at close June 7
|
| Market capitalization: | $29.65 million
|
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