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Provider: Reuters Investment Profile
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Spectral Diagnostics Inc Closes $5.6 Million Offering With Toray Industries Inc

Tuesday, 2 Apr 2013 07:00am EDT 

Spectral Diagnostics Inc and Toray Industries, Inc. (Toray) announced the completion of the previously announced $5.6 million private placement of the Company, comprised of a total of 18,666,667 common shares in the capital of the Company (Common Shares), at a price of $0.30 per Common Share (the Private Placement). Toray acquired 16,666,667 Common Shares in the Private Placement, at a price of $0.30 per Common Share, for $5 million. Following completion of the Private Placement, Toray's 16,666,667 Common Shares represent approximately 12.6% of the issued and outstanding Common Shares, calculated on a non-diluted basis. The net proceeds of the Private Placement will be used to continue to support the Company's Phase III EUPHRATES clinical trialand for general corporate purposes. The acquisition of the Common Shares by Toray was made for investment purposes only, and not with the purpose of influencing control or direction over Spectral. Toray may acquire further Common Shares, or dispose of its holdings of Common Shares, as investment conditions warrant. 

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0.0289 +8.45%
10 Jul 2014