Published on 7/12/2006 in the Prospect News Biotech Daily and Prospect News PIPE Daily.
New Issue: Marshall Edwards gets equity line, sells $4 million of stock
By Sheri Kasprzak
New York, July 12 - Marshall Edwards, Inc. sealed a $15 million equity line agreement with Cornell Capital Partners, LP.
Under the two-year agreement, Cornell may buy shares of Marshall Edwards at 97% of the lowest volume weighted average price over the five consecutive trading days after notice of a draw.
Connected to the offering, Cornell received warrants for 600,000 shares, exercisable at $4.35 each through July 11, 2010.
Separately, Cornell bought 1,379,310 shares at $2.90 each and received warrants for 482,759 shares, exercisable at $4.35 each through July 11, 2010.
Based in North Ryde, New South Wales, Australia, Marshall Edwards is a pharmaceutical company focused on developing treatments for cancer.
Equity line
Issuer: | Marshall Edwards, Inc.
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Issue: | Equity line
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Amount: | $15 million
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Tenor: | Two years
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Price: | 97% of the lowest VWAP over the five trading days after notice of a draw
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Warrants: | For 600,000 shares
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Warrant expiration: | July 11, 2010
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Warrant strike price: | $4.35
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Investor: | Cornell Capital Partners, LP
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Settlement date: | July 11
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Stock symbol: | Nasdaq: MSHL
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Stock price: | $3.58 at close July 11
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Stock
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Issuer: | Marshall Edwards, Inc.
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Issue: | Stock
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Amount: | $4 million
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Shares: | 1,379,310
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Price: | $2.90
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Warrants: | For 482,759 shares
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Warrant expiration: | July 11, 2010
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Warrant strike price: | $4.35
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Investor: | Cornell Capital Partners, LP
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Settlement date: | July 11
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Stock symbol: | Nasdaq: MSHL
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Stock price: | $3.58 at close July 11
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