Company sells units of common shares, five-year warrants at $1.25 each
By Devika Patel
Knoxville, Tenn., Aug. 12 - Omni Bio Pharmaceutical, Inc. completed a third and final $295,000 tranche of a $3.8 million private placement of units on Aug. 8, according to an 8-K filed Friday with the Securities and Exchange Commission. It raised $422,500 on June 27 and $3.08 million on June 10; the deal was originally to have raised $6 million.
The company sold 2,463,900 units of one common share and one warrant at $1.25 per unit in the June 10 tranche and 338,000 units in the June 27 tranche. It sold 236,000 units at that price in the final tranche for a total sale of 3,037,900 units.
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.
Proceeds will be used for general working capital, 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: | $3,797,375
|
| Units: | 3,037,900
|
| Price: | $1.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Settlement dates: | June 10 (for $3,079,875), June 27 (for $422,500), Aug. 8 (for $295,000)
|
| Stock symbol: | OTCBB: OMBP
|
| Stock price: | $1.70 at close June 10
|
| Market capitalization: | $42.45 million
|
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