By Devika Patel
Knoxville, Tenn., May 14 - Amarin Corp. plc announced a private placement of ordinary shares and American Depositary Shares for up to $60 million in two equal tranches.
The first tranche will consist of 12,173,914 new ordinary shares sold for $28 million and potentially 869,565 new ordinary shares sold to insiders for $2 million, all at $2.30 per share.
The second tranche would consist of ADSs at a price equal to the lower of $2.60 and 113% of the average of the volume-weighted average prices of Amarin's ADSs, as reported on the Nasdaq, for each of the 30 trading days immediately prior to the date of the second tranche's closing.
Proceeds will be used for progressing the company's cardiovascular and CNS research and development pipeline, for general corporate purposes and the retirement of its $2.75 million of convertible debentures issued in December, after which the company will be debt free.
London-based Amarin develops drugs to treat central nervous system disorders.
| Issuer: | Amarin Corp. plc
|
| Issue: | Ordinary stock, American Depositary Shares
|
| Amount: | $60 million
|
| Warrants: | No
|
| Settlement date: | May 14
|
| Stock symbol: | Nasdaq: AMRN
|
| Stock price: | $2.63 at close May 13
|
|
|
| Ordinary shares
|
| Amount: | $30 million
|
| Shares: | 13,043,479
|
| Price: | $2.30
|
|
|
| ADSs
|
| Amount: | $30 million
|
| Price: | The lower of $2.60 and 113% of the average of the volume weighted average prices of Amarin's ADSs, as reported on the Nasdaq, for each of the 30 trading days immediately prior to the date of the second tranche's closing
|
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