By Sheri Kasprzak
New York, Aug. 6 - Marshall Edwards, Inc. plans to close a $16,392,003 placement of shares.
The company plans to sell 5,464,001 shares at $3.00 apiece.
The investors also will receive warrants for four shares per 10 common shares issued. Each warrant is exercisable at $3.60 through Aug. 6, 2012. The warrants become exercisable on Feb. 6, 2008.
Blue Trading, LLC was the placement agent.
Proceeds will be used for clinical trials and preclinical development, as well as for general corporate purposes.
Connected to the deal, Marshall Edwards canceled its $15 million standby equity distribution agreement with Cornell Capital Partners, LP.
The company entered into the SEDA in July 2006. Under the agreement, Cornell was allowed to buy shares of Marshall Edwards at 97% of the lowest volume weighted average price over five trading days after notice of a draw.
Sydney, Australia-based Marshall Edwards develops therapies for cancer, cardiovascular disease and inflammatory diseases.
| Issuer: | Marshall Edwards, Inc.
|
| Issue: | Stock
|
| Amount: | $16,392,003
|
| Shares: | 5,464,001
|
| Price: | $3.00
|
| Warrants: | For four shares per 10 shares purchase
|
| Warrant expiration: | Aug. 6, 2012
|
| Warrant strike price: | $3.60
|
| Announcement date: | Aug. 6
|
| Stock symbol: | Nasdaq: MSHL
|
| Stock price: | $2.92 at close Aug. 6
|
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