Offer sells units of 86,957 common shares, warrants for 43,478 shares
By Devika Patel
Knoxville, Tenn., May 5 – MedoveX Corp. raised $240,998 in the second and final tranche of a $1.4 million private placement of units on April 29, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced to raise between $1 million and $2 million and raised $1.15 million on April 19.
In the placement, MedoveX sold total of 1,212,813 common shares and warrants for 606,406 shares.
The company sold the securities in units of 86,957 common shares and warrants for 43,478 shares at $100,000 per unit, or $1.15 per common share. Each warrant is exercisable at $1.30 for five years. The strike price is a 12.07% premium to the April 18 closing share price of $1.16. The price per share is an 0.86% discount to that price.
Investors in the first tranche received 1,003,248 shares and warrants for 501,624 shares. Investors in the second tranche received 209,565 shares and warrants for 104,782 shares. The company sold about 11.54 units in the first tranche. It sold about 2.41 units in the second tranche.
Proceeds will be used for an acquisition payment to Allied Nevada Gold Corp. in connection with the company’s planned acquisition of the Hasbrouck project and for general corporate purposes.
MedoveX is an Atlanta-based medical device company.
| Issuer: | MedoveX Corp.
|
| Issue: | Units of 86,957 common shares and warrants for 43,478 shares
|
| Amount: | $1,394,735
|
| Units: | 13.95 (approximate, a total of 1,212,813 common shares)
|
| Price: | $100,000 ($1.15 per common share)
|
| Warrants: | Warrants for 43,478 shares per unit, warrants for a total of 606,406 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.30
|
| Agent: | Non-brokered
|
| Settlement dates: | April 19 (for $1,153,735), April 29 (for $240,998)
|
| Stock symbol: | Nasdaq: MDVX
|
| Stock price: | $1.16 at close April 18
|
| Market capitalization: | $13.51 million
|
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