By Sheri Kasprzak
Atlanta, Dec. 1 - ADM Tronics Unlimited Inc. said Wednesday it has raised $3,637,500 in a private placement.
The company sold units comprised of $100,000 in promissory notes and two warrants.
The promissory notes bear interest at 6% per year and are convertible into either shares at $0.29 each or into shares of subsidiary Ivivi Technologies Inc. at $8.30 each.
The units are also comprised of one warrant for 334,828 shares of ADM at $0.41 each and one warrant for 12,048 shares of Ivivi Technologies at $5.70 each.
Maxim Group LLC was placement agent in the deal, which was originally announced Aug. 31.
Investors in the offering include ProMed Partners, Guerilla Capital Management, Kensington Partners and AFA Private Equity Fund, among other accredited and institutional investors.
ADM, based in Northvale, N.J., develops and manufactures therapeutic non-invasive electronic medical devices, environmentally safe chemical products and topical dermatological products.
| Issuer: | ADM Tronics Unlimited Inc.
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| Issue: | Units of $100,000 in promissory notes and two warrants
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| Amount: | $3,637,500
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| Coupon: | 6%
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| Conversion price: | $0.29 per share for ADM stock; $8.30 per share for Ivivi stock
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| Warrants: | One warrant for 334,828 shares of ADM per unit; one warrant for 12,048 shares of Ivivi per unit
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| Warrant strike price: | $0.41 for ADM shares; $5.70 for Ivivi shares
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| Placement agent: | Maxim Group LLC
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| Investors: | ProMed Partners, Guerilla Capital Management, Kensington Partners, AFA Private Equity Fund
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| Announcement date: | Aug. 31
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| Settlement date: | Dec. 1
|
| Stock price: | $0.27 at close Aug. 31
|
| Stock price: | $0.40 at close Nov. 30
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