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Bacterin International Holdings Inc Announces Financing

Wednesday, 5 Jun 2013 08:30am EDT 

Bacterin International Holdings Inc announced that it has entered into a definitive securities purchase agreement with both existing and new investors to purchase 8.51 million unregistered shares of common stock and warrants to purchase approximately 4.25 million shares of common stock. Upon closing, the transaction will result in gross proceeds to Bacterin International of approximately $4.85 million, before deducting placement agents' fees and offering expenses. Proceeds from the transaction will be used to fund the Company's operations and working capital requirements. Subject to NYSE MKT additional listing approval, the Company will issue approximately 8.51 million shares of common stock to new and existing investors at a price per share of $0.57, which represents a 10% discount to the closing price on June 4, 2013. For each common share purchased in the offering, investors will receive a warrant providing the right to purchase 0.5 shares of Bacterin common stock at an exercise price of $0.72, a 15% premium to the June 4, 2013 closing price. The warrants will be exercisable for seven years beginning six months from the date of issuance. William Blair & Company, L.L.C. acted as the sole Placement Agent for the private placement. 

Company Quote

0.07 +2.54%
12:47pm EST