$TBIO: Transgenomic announces a private placement of 1.5 mln restricted common shares with Crede Capital Group for $1.42/share (1.67)
Co announced that it has entered into a definitive purchase agreement to raise gross proceeds of approximately $3.0 million in a private placement financing. Crede Capital Group, LLC subscribed for all but 28,000 shares in the financing.
Pursuant to the purchase agreement, Transgenomic has agreed to sell an aggregate of approximately 1.5 million shares of its restricted common stock and fully paid prefunded warrants to purchase up to approximately 0.7 million shares of its common stock, in each case at a purchase price of $1.42 per share. The warrants to purchase additional shares will be exercisable at a price of $1.66 per share beginning six months after the date of issuance.
Co expects to use net proceeds from the offering for general corporate and working capital purposes, including activities supporting Transgenomic's ICE COLD-PCR technology
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