By Jennifer Chiou
New York, Feb. 27 - Oculus Innovative Sciences, Inc. took in $1 million in the first tranche of $3 million private placement of shares on Feb. 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The remaining $2 million is slated to settle no later than Aug. 1.
In all, Oculus will issue 2,564,103 shares in two tranches plus series of warrants.
The series A warrants are exercisable for 1.5 million common shares at $1.87 per share for five years.
The series B warrants are exercisable for 2 million common shares at $1.13 per share for three years.
For every two shares an investor purchases upon exercise of a series B warrant, the investor will receive an additional series C warrant for one share. The series C warrant is exercisable at $1.94 for five years.
This new agreement with the investor, company director Robert Burlingame, replaced a previous agreement.
The company originally entered into a purchase agreement and revenue sharing agreement with VetCure Inc. on Jan. 26 along with Burlingame. Under that agreement, VetCure and its affiliates were to make a $3 million investment in Oculus in exchange for the exclusive rights to distribute and sell Vetericyn Wound Care product for animals in the United States and 3 million shares of Oculus common stock with warrants.
Petaluma, Calif.-based Oculus develops and markets products for the prevention and elimination of infection in chronic and acute wounds.
| Issuer: | Oculus Innovative Sciences, Inc.
|
| Issue: | Common shares with warrants
|
| Amount: | $3 million
|
| Shares: | 2,564,103
|
| Warrants: | Series A for 1.5 million total shares; series B for 2 million shares
|
| Warrant expiration: | Five years (series A), three years (series B)
|
| Warrant strike price: | $1.87 (series A), $1.13 (series B)
|
| Settlement date: | Feb. 24 (for $1 million)
|
| Stock symbol: | Nasdaq: OCLS
|
| Stock price: | $1.40 at close Feb. 27
|
| Market capitalization: | $21.8 million
|
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