Company sells units of common stock, five-year warrants at $1.25 each
By Devika Patel
Knoxville, Tenn., June 13 - Omni Bio Pharmaceutical, Inc. completed a tranche of a $6 million private placement of units on June 10, according to an 8-K filed Monday with the Securities and Exchange Commission. It raised $3.08 million in this tranche.
The company sold 2,463,900 units of one common share and one warrant at $1.25 apiece in the June 10 tranche and will sell up to 4.8 million units at that price in the offering.
Each warrant is exercisable at $2.00 for five years. The strike price is a 6.98% discount to $2.15, the June 9 closing share price.
Settlement of the offering is expected on July 31.
Proceeds will be used for general working capital purposes, research and development projects and potential investments in additional intellectual property.
The biopharmaceutical company is based in Greenwood Village, Colo.
| Issuer: | Omni Bio Pharmaceutical, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $6 million
|
| Units: | 4.8 million
|
| Price: | $1.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Settlement date: | June 10 (for $3,079,875), July 31
|
| Stock symbol: | OTCBB: OMBP
|
| Stock price: | $1.70 at close June 10
|
| Market capitalization: | $49.27 million
|
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