Investors in offering also receive warrants for 1.82 million shares
By Toni Weeks
San Diego, Nov. 20 - FluoroPharma Medical, Inc. announced it settled a $1.55 million private placement of stock on Nov. 19.
The company sold 1,819,118 common shares at about $0.85 apiece, an 18.06% premium to the Nov. 16 closing share price of $0.72.
Investors also received 100% warrant coverage; the warrants are exercisable for one year at $0.90, a 25% premium to the Nov. 16 closing share price.
Proceeds will be used for working capital.
The biopharmaceutical company is based in Boston.
Issuer: | FluoroPharma Medical, Inc.
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Issue: | Common stock
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Amount: | $1,546,250
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Shares: | 1,819,118
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Price: | $0.85 (approximate)
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Warrants: | For 1,819,118 shares
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Warrant expiration: | One year
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Warrant strike price: | $0.90
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Settlement date: | Nov. 19
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Stock symbol: | OTCBB: FPMI
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Stock price: | $0.72 at close Nov. 16
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Market capitalization: | $16.16 million
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