Holmes Herbs to raise $5 million in private placement geared toward European investors

By Sheri Kasprzak

New York, Aug. 30 - Holmes Herbs, Inc. said it plans to raise $5 million in a private placement with retail and institutional investors in Europe.

The pricing details of the offering could not be determined Tuesday, but the proceeds will be used for drug research, business development and working capital.

Rotenberg Financial Consulting is the placement agent.

Based in Scottsdale, Ariz., Holmes Herbs distributes natural and herbal medicines.

On Tuesday, the company's stock slipped $0.045 to close at $2.615.

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