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CytoDyn Inc Updates On Sales Of Equity Securities-Form 8-K


Tuesday, 1 Oct 2013 04:46pm EDT 

CytoDyn Inc reported in its Form 8-K that on September 25, 2013, CytoDyn Inc. (Company) completed the private sale of 2,482,903 units at a purchase price of $1.30 per Unit for total gross sale proceeds of $3,227,774 in a private placement to 53 purchasers. On September 30, 2013, the Company completed the private sale of an additional 1,256,153 Units for total gross sale proceeds of $1,633,000 to 17 additional purchasers. The Company will issue two shares of its Common Stock, or a total of 7,478,108 shares, plus a warrant to purchase one additional share of Common Stock, or a total of 3,739,054 shares subject to Unit warrants, for each Unit sold. Unit warrants are exercisable at an exercise price of $0.75 per share and will expire five years after issuance. The Company is seeking to raise a total of approximately $10,000,000 in capital through the private offer and sale of up to 7,700,000 Units on the same terms as the sales described above. It has agreed to pay a 10% commission and a 3% nonaccountable, administrative fee on the gross sale proceeds to its placement agent. It will also issue seven-year warrants with an exercise price of $0.75 per share to its placement agent covering a number of shares equal to 15% of the total number of shares subject to Units sold in the offering. If the Unit warrants issued in the offering are subsequently exercised, the placement agent will be entitled to an additional cash fee of 6% of gross exercise proceeds realized. 

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1 Aug 2014