By Sheri Kasprzak
New York, July 27 - MicroIslet, Inc. received agreements from institutional and other investors for a $3.9 million private placement.
The company plans to sell 2.6 million shares at $1.50 each.
The investors, both new and existing, will receive warrants for 1.4 million shares, exercisable for five years. The strike price of the warrants could not be determined Thursday evening.
The placement is scheduled to close July 31.
Proceeds will be used for working capital.
San Diego-based MicroIslet is a biotechnology company focused on technologies used in transplantation therapy for insulin-dependent diabetics.
| Issuer: | MicroIslet, Inc.
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| Issue: | Stock
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| Amount: | $3.9 million
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| Shares: | 2.6 million
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| Price: | $1.50
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| Warrants: | For 1.4 million shares
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| Warrant expiration: | Five years
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| Announcement date: | July 27
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| Settlement date: | July 31
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| Stock symbol: | Amex: MII
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| Stock price: | $1.86 at close July 27
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