By Sheri Kasprzak
New York, Sept. 27 - Diversinet Corp. said it has wrapped an oversubscribed private placement for $2 million.
The company sold 5 million shares at $0.40 each to new and existing institutional investors and members of its management team.
Upon closing of the deal, Diversinet had 24,302,941 outstanding common shares.
Insiders of the company bought 40% of the offering.
The company had originally intended to sell 3.75 million shares under the same terms for proceeds of $1.5 million.
WR Hambrecht & Co. was the placement agent.
The proceeds will be used for working capital and general corporate purposes, including commercialization and product development.
Toronto-based Diversinet is a mobile device security provider.
| Issuer: | Diversinet Corp.
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| Issue: | Stock
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| Amount: | $2 million
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| Shares: | 5 million
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| Price: | $0.40
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| Warrants: | No
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| Placement agent: | WR Hambrecht & Co.
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| Settlement date: | Sept. 27
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| Stock price: | $0.43 at close Sept. 26
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