Company sells units of common shares, five-year warrants at $1.25 each
By Devika Patel
Knoxville, Tenn., June 28 - Omni Bio Pharmaceutical, Inc. completed a tranche of a $6 million private placement of units on June 27, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It raised $422,500 in this tranche and $3.08 million on June 10.
The company sold 2,463,900 units of one common share and one warrant at $1.25 apiece in the June 10 tranche and 338,000 units in the June 27 tranche. It 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 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), June 27 (for $422,500), July 31
|
| Stock symbol: | OTCBB: OMBP
|
| Stock price: | $1.70 at close June 10
|
| Market capitalization: | $42.02 million
|
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