Deal funds ClearPoint Neuro Intervention System's sales and marketing
By Devika Patel
Knoxville, Tenn., Jan. 22 - MRI Interventions, Inc. will raise about $11 million in a private placement of units, according to an 8-K filed with the Securities and Exchange Commission.
The company will sell about 9.1 million units of one common share and a half-share warrant at $1.20 per unit.
The whole, five-year warrants will each be exercisable at $1.75, a 5.41%% discount to $1.85, the Jan. 17 closing share price.
William Blair & Co., LLC is the lead placement agent, First Analysis Securities Corp. is co-lead placement agent, and Brookline Group LLC is co-placement agent.
Settlement is expected Jan. 25.
Proceeds will be used to expand sales and marketing efforts for the ClearPoint Neuro Intervention System.
Based in Memphis, MRI Interventions develops systems for minimally invasive surgical procedures in the brain and heart.
| Issuer: | MRI Interventions, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $11 million (approximate)
|
| Units: | 9.1 million (approximate)
|
| Price: | $1.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.75
|
| Agents: | William Blair & Co., LLC (lead), First Analysis Securities Corp. (co-lead) and Brookline Group LLC (co-placement agent)
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $1.85 at close Jan. 17
|
| Market capitalization: | $72.03 million
|
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