Cord Blood America may raise $8 million via equity private placement

Company modifies stock prospectus to allow investment from Tangiers

By Devika Patel

Knoxville, Tenn., June 1 - Cord Blood America Inc. modified a prospectus supplement with the Securities and Exchange Commission on Wednesday in order to allow for a private placement of stock with investor Tangiers Investors, LP.

Previously, the company could only sell up to $4 million of its equity to the investor, but the modified supplement will permit Cord Blood to sell up to $8 million of shares to Tangiers.

The company has received $2.42 million so far under its securities purchase agreement with Tangiers, which means it now has $5.58 million available to it under the purchase agreement.

Cord Blood is a Los Angeles-based umbilical cord blood stem cell preservation company.

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