Company sells 3,051,952 units of shares and warrants at $0.07 per unit
By Devika Patel
Knoxville, Tenn., Aug. 30 - BioDrain Medical Inc. completed a $213,636 private placement of units from Aug. 15 to Aug. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 3,051,952 units of one common share and one warrant at $0.07 per unit.
Each warrant is exercisable at $0.15 for five years. The strike price is a 36.36% premium to $0.11, the Aug. 14 closing share price.
The company makes medical devices and is based in Eagan, Minn.
| Issuer: | BioDrain Medical Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $213,636
|
| Units: | 3,051,952
|
| Price: | $0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Settlement date: | From Aug. 15 to Aug. 30
|
| Stock symbol: | OTCBB: BIOR
|
| Stock price: | $0.11 at close Aug. 14
|
| Market capitalization: | $3.27 million
|
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