By Devika Patel
Knoxville, Tenn., March 8 - MabCure, Inc. said it raised $1 million from a private placement of units. The amount is comprised of a $500,000 cash investment and the conversion of a $500,000 bridge loan into equity securities. The bridge loan settled in September.
The company sold 2 million units of one common share and two warrants at $0.50 per unit.
The first warrant is exercisable at $0.60 for two years. The second warrant is exercisable at $0.70 for two years.
Proceeds will be used for clinical trials in Europe and Asia.
Reno, Nev.-based MabCure is a biotechnology company.
| Issuer: | MabCure, Inc.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $1 million
|
| Units: | 2 million
|
| Price: | $0.50
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | $0.60, $0.70
|
| Settlement date: | March 8
|
| Stock symbol: | OTCBB: MBCI
|
| Stock price: | $0.56 at close March 5
|
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