RespireRx Pharmaceuticals Inc (RSPI)

[gfp927z]

Varney needed a Plan B in case Servier doesn't exercise the $2 mil option, so this is it. Sounds like Rodman must have someone ready to take these shares/warrants if needed, and the net proceeds to Cortex would be approx $1.29 mil at a cost of 15 mil shares plus 15 mil warrants. Sounds like they have a very good idea of the pricing (approx .10 cents/unit) -



>>> We estimate that the net proceeds of this offering, after deducting placements agent fees and our estimated offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in this offering, will be approximately $1,290,000 if we sell the maximum number of units. <<<


>>> Rodman & Renshaw, LLC has agreed to act as our exclusive placement agent in connection with this offering. <<<


Maximum Offering Amount
$ 1,500,000
Placement Agent fees
$ 90,000
Proceeds, before expenses, to us
$ 1,410,000


>>> We estimate the total expenses of this offering, excluding the placement agent fees, will be approximately $120,000 <<<


Net proceeds = $1,290,000



Without a cash infusion, >>> our existing cash resources will be sufficient to meet our requirements into the fourth quarter of 2011.<<<