Units of one common share, two half-share warrants sold at $1.80 each
By Devika Patel
Knoxville, Tenn., April 30 - Vycor Medical Inc. settled a $929,860 final tranche of a $5 million private placement of units on April 25, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $1.28 million on Jan. 2 and $1.78 million on Jan. 31.
The company sold units of one common share and two half-share warrants at $1.80 per unit.
One of the three-year warrants will be exercisable at $2.05, with the other exercisable at $3.08. The strike prices are identical and a 50.24% premium to the Dec. 31 closing share price.
Garden State Securities, Inc. was the agent.
The medical device company is based in Boca Raton, Fla.
| Issuer: | Vycor Medical Inc.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | $5 million
|
| Price: | $1.80
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.05, $3.08
|
| Agent: | Garden State Securities, Inc.
|
| Settlement dates: | Jan. 2 (for $1,276,900), Jan. 31 (for $1,784,200), April 25 (for $929,860)
|
| Stock symbol: | OTCBB: VYCO
|
| Stock price: | $2.05 at close Dec. 31
|
| Market capitalization: | $23.42 million
|
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