Funds slated for product development and general corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 29 - Apricus Bioscience Inc. said it will sell 1,728,882 units at $5.40 apiece in a private placement. Dawson James Securities is the agent.
The offering will raise $9.34 million for product development and general corporate purposes.
Each unit consists of three common shares and one warrant, with each warrant exercisable at $2.27 for five years.
The strike price reflects a 4.13% premium to $2.18, the Sept. 28 closing share price.
Settlement is expected Oct. 4.
The pharmaceutical research and development company is based in East Windsor, N.J.
| Issuer: | Apricus Bioscience Inc.
|
| Issue: | Units of three common shares and one warrant
|
| Amount: | $9,335,963
|
| Units: | 1,728,882
|
| Price: | $5.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.27
|
| Agent: | Dawson James Securities
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 4
|
| Stock symbol: | Nasdaq: APRI
|
| Stock price: | $2.18 at close Sept. 28
|
| Market capitalization: | $22.22 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
