By Sheri Kasprzak
Atlanta, Nov. 19 - Cardima Inc. has raised $4.5 million in a stock private placement, the company said Friday.
On Nov. 18, the company sold 16,465,423 shares at $0.2733 to accredited investors.
The offering included warrants for about 6.6 million common shares at $0.4295 for four years. The warrant, however, will not be exercisable for the first six months after the date of issuance.
Based in Fremont, Calif., Cardima is a manufacturer and producer of catheter-based products to diagnose cardiac arrhythmias.
| Issuer: | Cardima Inc.
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| Issue: | Stock
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| Amount: | $4.5 million
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| Shares: | 16,465,423
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| Price: | $0.2733
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| Warrants: | For about 6.6 million shares
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| Warrant expiration: | Four years
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| Warrant strike price: | $0.4295
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| Announcement date: | Nov. 19
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| Settlement date: | Nov. 18
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| Stock price: | $0.49 at close Nov. 18
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