By Laura Lutz
Des Moines, Nov. 15 - Crdentia Corp. raised $1.05 million from the second and final tranche of its previously announced private placement of stock, bringing the total deal size to about $5.75 million.
In total, the company has sold about 19.2 million shares at $0.30 each along with warrants for about 9.6 million shares. The warrants are exercisable at $0.35 for five years.
In the first tranche. Crdentia sold 15,666,667 shares and warrants for 7,833,333 shares, for proceeds of $4.7 million.
When the placement was first announced, in an 8-K filed on Oct. 29, it was expected to raise up to $7.5 million.
Global Hunter Securities, LLC was the placement agent.
C. Fred Toney, the chairman of the company's board, invested $1.85 million in the first tranche of the placement.
Proceeds will be used for strategic initiatives, including the company's recent acquisitions of Medical People Healthcare Services, Inc. and ATS Health Services, and for working capital.
Dallas-based Crdentia is a health care staffing service.
| Issuer: | Crdentia Corp.
|
| Issue: | Stock
|
| Amount: | $5.75 million (approximate)
|
| Shares: | 19.2 million (approximate)
|
| Price: | $0.30
|
| Warrants: | For 9.6 million shares (approximate)
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.35
|
| Agent: | Global Hunter Securities, LLC
|
| Investor: | C. Fred Toney (for $1.85 million)
|
| Settlement date: | Oct. 26 (for $4.7 million); Nov. 15 (for $1.05 million)
|
| Stock symbol: | OTCBB: CRDT
|
| Stock price: | $0.33 at close Oct. 26
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