By Sheri Kasprzak
Atlanta, June 14 - Metabolic Pharmaceuticals Ltd. said it has wrapped an A$10 million private placement.
The company sold 16,393,442.62 shares at A$0.61 each, a 12.2% discount to the company's closing stock price on June 7. The shares were sold to domestic and offshore institutional and professional investors.
Metabolic also announced its plans to conduct a share purchase program for up to A$10 million. The company will be offering its qualified shareholders the opportunity to buy up to A$5,000 each of common stock at A$0.61 each.
Based in Melbourne, Australia, Metabolic is a biotechnology company. The proceeds from both the private placement and the share purchase program will be used for studies on AOD9604, the company's lead drug to treat obesity.
| Issuer: | Metabolic Pharmaceuticals Ltd.
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| Issue: | Stock
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| Amount: | A$10 million
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| Shares: | 16,393,442.62
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| Price: | A$0.61
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| Warrants: | No
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| Settlement date: | June 14
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| Stock price: | A$0.64 at close June 14
|
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