Maximum offering size increased from $3 million
By Angela McDaniels
Tacoma, Wash., April 28 - Vycor Medical, Inc. said it sold $929,860 of units in the last tranche of its previously reported $5 million private placement.
Each unit consists of one common share, one series A half-share warrant and one series B half-share warrant. The price was $1.80 per unit.
The strike price is $2.05 for the series A warrants and $3.08 for the series B warrants. The former is identical to the Dec. 31 closing share price, and the latter is a 50.24% premium to the share price.
Each whole warrant is exercisable for three years.
The offering initially had a maximum size of $3 million, but the company and the agent, Garden State Securities, Inc., exercised their option to increase the size to a maximum of $5 million, according to a company news release.
The company settled $1.28 million of units on Jan. 2, $1.78 million of units on Jan. 31, $27,000 of units on Feb. 28, $982,040 of units on March 31 and $929,860 of units on April 25.
A total of 2,777,808 shares of common stock and warrants to purchase 2,777,838 shares were issued to investors in the offering.
Fountainhead Capital Partners Ltd., the company's largest shareholder with about 41% of the common stock following the offering, additionally converted a total of $1.43 million of accrued consulting fees into an investment in units under the offering.
Vycor Medical is based in Boca Raton, Fla., and makes neurological medical devices.
| Issuer: | Vycor Medical Inc.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | $5 million
|
| Price: | $1.80
|
| Warrants: | One series A half-share warrant and one series B half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.05 for series A and $3.08 for series B
|
| Settlement dates: | Jan. 2 for $1,276,900, Jan. 31 for $1,784,200, Feb. 28 for $27,000, March 31 for $982,040 and April 25 for $929,860
|
| Stock symbol: | OTCQB: VYCO
|
| Stock price: | $2.05 at close Dec. 31
|
| Market capitalization: | $14.48 million
|
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