Company sells common shares with four-year warrants at $0.50 per unit
By Devika Patel
Knoxville, Tenn., Oct. 11 - AtheroNova Inc. said it settled a $2.93 million private placement of units with a $425,000 tranche. The deal was announced Oct. 5, when the company announced it raised $2.5 million on Oct. 1.
The company sold 5.85 million units of one common share and a half-share warrant at $0.50 per unit. It sold 5 million units in the initial tranche and 850,000 units in the second.
The whole warrants are each exercisable at $0.625 for four years. The strike price is a 23.78% discount to the Sept. 28 closing share price of $0.82.
AtheroNova is a Van Nuys, Calif., development stage company that is developing products to address the treatment of atherosclerosis through the use of natural compounds and their derivatives.
Issuer: | AtheroNova Inc.
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Issue: | Units of one common share and a half-share warrant
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Amount: | $2,925,000
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Units: | 5.85 million
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Price: | $0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Four years
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Warrant strike price: | $0.625
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Settlement date: | Oct. 1 (for $2.5 million), Oct. 11 (for $425,000)
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Stock symbol: | OTCBB: AHRO
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Stock price: | $0.82 at close Sept. 28
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Market capitalization: | $21.45 million
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