Cellectar Biosciences Inc (CLRB)

[oddone33320]

Cellectar Biosciences Announces Pricing of $12,500,000 Public Offering

http://finance.yahoo.com/news/cellectar-biosciences-announces-pricing-12-233952347.html

Cellectar Biosciences, Inc. (CLRB), a clinical stage biopharmaceutical company developing innovative agents for the detection and treatment of cancer, announced today the pricing of an underwritten public offering of 3,333,333 shares of its common stock at a per share price of $3.75 and warrants to purchase up to the same number of shares of common stock at a per warrant price of $0.01; plus the issuance of approximately an additional 1,110,000 shares and warrants in consideration of the cancellation of $4,000,000 principal amount of convertible debentures plus accrued interest. The warrants are exercisable immediately and expire five years from their date of issuance. The warrants will have an exercise price of $4.68 per share and will trade on the NASDAQ Capital Market under the symbol "CLRBW."

The gross proceeds to Cellectar from this offering are expected to be approximately $12,500,000 in new cash proceeds before deducting underwriting discounts and other offering expenses payable by Cellectar. Cellectar has granted the underwriter a 45-day option to purchase up to an additional 500,000 shares of common stock and/or an additional 500,000 warrants to cover over-allotments, if any. The offering is expected to close on or about August 20, 2014, subject to customary closing conditions.

Certain of Cellectar's directors and officers have expressed an interest in participating in the public offering of common stock and warrants.

In Connection with its listing on The NASDAQ Capital Market, Cellectar's common stock will cease trading on the OTCQX Market.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

In conjunction with the underwritten offering, the holders of Cellectar's outstanding convertible debentures tendered an aggregate of $4,000,000 in principal amount, plus approximately $172,000 of accrued interest, of such debentures to purchase approximately 1,110,000 of the shares of common stock offered, plus the same number of warrants. Including tender of all outstanding convertible debentures, the company is offering a total of approximately 4,400,000 common shares and an equal number of warrants.