Maxim Group raises funds for working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., March 21- IsoRay, Inc. said it will raise $14.68 million in a registered direct offering of stock. The deal will be conducted through agent Maxim Group LLC.
The company will sell 5,644,300 common shares at $2.60 per share. The per-share purchase price is a 21.21% discount to $3.30, the closing price of the stock on March 20.
Settlement is expected March 26.
Proceeds will be used for working capital and general corporate purposes.
IsoRay, based in Richland, Wash., develops brachytherapy seeds to treat prostate cancer.
| Issuer: | IsoRay, Inc.
|
| Issue: | Common stock
|
| Amount: | $14,675,180
|
| Shares: | 5,644,300
|
| Price: | $2.60
|
| Warrants: | No
|
| Agent: | Maxim Group LLC
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Stock symbol: | NYSE: ISR
|
| Stock price: | $3.30 at close March 20
|
| Market capitalization: | $99.09 million
|
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