By LLuvia Mares
New York, Aug. 20 - Signalife Inc. announced Monday approval from the American Stock Exchange for $102 million in financing with Yorkville Advisors, LLC through its YA Global Investment LP fund.
As part of financing the company received funding of $2 million through the sale of its stock to YA Global Investments and also entered into a $100 million standby equity distribution agreement.
In the first financing, Signalife sold 2,956,830 shares to YA, along with five-year warrants for a further 1 million shares at $1.00 per share and five-year warrants for 500,000 shares at $2.00 per share.
Under the equity line, which runs for three years, Signalife will be able to sell stock to YA Global at a price equal to 97% of the lowest daily VWAP for Signalife's common stock on its primary market over a five-day trading period following the date of notice of Signalife's exercise of its selling rights.
Signalife paid YA Global 1,404,495 shares for entering into the equity agreement.
Newbridge Securities Corp. was placement agent.
Greenville, S.C.-based Signalife is a life sciences company focused on monitoring and detection of disease through continuous biomedical signal monitoring.
| Issuer: | Signalife Inc.
|
| Amount: | $102 million
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| Agent: | Newbridge Securities Corp.
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| Investor: | Yorkville Advisors, LLC
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| Pricing date: | Aug. 6
|
| Stock symbol: | Amex: SGN
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| Stock price: | $0.79 at close Aug. 6
|
|
|
| Stock
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| Amount: | $2 million
|
| Shares: | 2,956,830
|
| Warrants: | For 1 million shares at $1.00 per share and 500,000 shares at $2.00 per share
|
| Warrant term: | Aug. 6, 2012
|
|
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| Standby equity distribution agreement
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| Amount: | $100 million
|
| Price per share: | 97% of the lowest daily VWAP for Signalife's common stock on its primary market over a five-day trading period following the date of notice of Signalife's exercise of its selling rights
|
| Term: | 3 years
|
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