Deal includes warrants for 5.5 million shares, exercisable at $0.50
By Devika Patel
Knoxville, Tenn., Jan. 21 - Biozone Pharmaceuticals, Inc. completed a $2.75 million private placement of stock with eight investors on Jan. 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 5.5 million common shares at $0.50 per share. The price per share is a 31.51% discount to the Jan. 15 closing share price of $0.73.
Investors also received warrants for 5.5 million shares, which are each exercisable at $0.50 for 10 years. The strike price is also a 31.51% discount to the Jan. 15 price.
Biozone is a Henderson, Nev., biopharmaceutical company.
| Issuer: | Biozone Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.75 million
|
| Shares: | 5.5 million
|
| Price: | $0.50
|
| Warrants: | For 5.5 million shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.50
|
| Agent: | Palladium Capital Advisors, LLC
|
| Settlement date: | Jan. 16
|
| Stock symbol: | OTCBB: BZNE
|
| Stock price: | $0.73 at close Jan. 15
|
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