By Sheri Kasprzak
New York, April 3 - Chembio Diagnostics, Inc. said it raised another $1 million in a private placement of series B convertible preferreds.
The company sold 20 shares of the 9% preferreds at $50,000 each to Crestview Capital Master, LLC.
The preferreds are convertible into common shares at $0.61 each.
Crestview received warrants for 1,557,377 shares, exercisable at $0.61 each for five years.
The first tranche of the placement closed on Jan. 28, 2005 for $5,047,500, when the company sold 100.95 shares of the preferreds and issued warrants for 7,860,860 shares.
The company had agreed to sell up to $6 million in the offering and with the latest closing, Chembio raised $6,047,500.
Midtown Partners & Co., LLC was the placement agent.
Proceeds will be used for marketing, research, development, intellectual property acquisitions and general corporate purposes.
Based in Medford, N.Y., Chembio develops and manufactures test products for HIV, tuberculosis and Mad Cow Disease.
| Issuer: | Chembio Diagnostics, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $1 million
|
| Shares: | 20
|
| Price: | $50,000
|
| Dividends: | 9%
|
| Conversion price: | $0.61
|
| Warrants: | For 1,557,377 shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.61
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| Investor: | Crestview Capital Master, LLC
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| Placement agent: | Midtown Partners & Co., LLC
|
| Settlement date: | March 30
|
| Stock symbol: | OTCBB: CEMI
|
| Stock price: | $0.67 at close March 30
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