By Sheri Kasprzak
New York, March 1 - Medistem Laboratories, Inc. said it settled a $1,498,000 private placement of convertible preferreds.
The company issued 4.28 million shares of preferreds at $0.35 each.
The terms of the preferreds could not be determined by press time Wednesday
The investors received warrants for 4.28 million series A and 4.28 million B warrants. Each series A warrant is exercisable at $0.50 and each series B warrant at $0.75.
Proceeds will be used to develop some of its adult stem cell technology-based therapies.
Based in Scottsdale, Ariz., Medistem is a biotechnology company focused on creating medical therapies based on adult stem cells.
| Issuer: | Medistem Laboratories, Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $1,498,000
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| Shares: | 4.28 million
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| Price: | $0.35
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| Warrants: | 4.28 million series A warrants and 4.28 million series B warrants
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| Warrant strike price: | $0.50 for series A, $0.75 for series B
|
| Settlement date: | Feb. 28
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| Stock symbol: | OTCBB: MDSM
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| Stock price: | $0.58 at close Feb. 28
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