Company sells 24 million common shares at $0.25 per share in offering
By Devika Patel
Knoxville, Tenn., May 31 - Omni Bio Pharmaceutical, Inc. negotiated a $6 million private placement of stock, according to an 8-K filed Friday with the Securities and Exchange Commission. It raised $1.54 million in the deal on May 31.
The company is selling 24 million common shares at $0.25 per share, a 28.57% discount to May 30 closing share price of $0.35. It sold 6.16 million shares in the initial tranche. BOCO Investments, LLC invested $1 million.
Settlement of the final tranche is expected June 30.
Proceeds will be used for general working capital requirements and some research and development projects.
The biopharmaceutical company is based in Greenwood Village, Colo.
| Issuer: | Omni Bio Pharmaceutical, Inc.
|
| Issue: | Common shares
|
| Amount: | $9.5 million
|
| Shares: | 24 million
|
| Price: | $0.25
|
| Warrants: | No
|
| Investor: | BOCO Investments, LLC (for $1 million)
|
| Settlement date | : | May 31 (for $1.54 million), June 30
|
| Stock symbol: | OTCBB: OMBP
|
| Stock price: | $0.35 at close May 30
|
| Market capitalization: | $11.21 million
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