BioDrain Medical settles private placement of 7,142,858 common shares

Deal sells stock, five-year warrants to Brookline Special Situations

By Devika Patel

Knoxville, Tenn., March 20 - BioDrain Medical, Inc. completed a private placement of stock with Brookline Special Situations Fund, LLC on March 14, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company sold 7,142,858 common shares.

Investors also received five-year warrants for 10,714,287 shares. Of the warrants, 7,142,858 are exercisable at $0.08, which is identical to the closing price of the stock (OTCBB: BIOR) on March 14. The remaining 3,571,429 warrants are each exercisable at $0.15, an 87.5% premium to the March 14 closing price.

The company makes medical devices and is based in Eagan, Minn.

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