Company sells 1,849,778 units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Nov. 9 - Oramed Pharmaceuticals Inc. settled a $684,418 private placement of units from Nov. 2 through Nov. 5, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 1,849,778 units of one common share and one half-share warrant at $0.37 per unit, with 1,444,373 units sold on Nov. 2 and 405,405 units sold on Nov. 5. Each whole warrant is exercisable at $0.50 for five years. The strike price reflects a 51.52% premium to the Nov. 1 closing share price of $0.33.
Director Leonard Sank invested $50,000. Regals Fund LP invested $150,000.
Based in Jerusalem, Oramed develops oral-delivered treatments for diabetes.
| Issuer: | Oramed Pharmaceuticals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $684,418
|
| Units: | 1,849,778
|
| Price: | $0.37
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Investors: | Leonard Sank (for $50,000), Regals Fund LP (for $150,000)
|
| Settlement date: | Nov. 2 through Nov. 5
|
| Stock symbol: | OTCBB: ORMP
|
| Stock price: | $0.33 at close Nov. 1
|
| Market capitalization: | $21.77 million
|
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