By Sheri Kasprzak
New York, July 5 - BrainStorm Cell Therapeutics Inc. released the details on its previously announced private placement.
The company intends to sell up to 27.5 million shares to ACCBT Corp. for up to $5 million in proceeds.
ACCBT will also receive warrants for 30.25 million additional shares.
The investor will buy 6.875 million shares for $1.25 million on Aug. 30, 2007; 4.125 million shares for $750,000 on Nov. 15, 2007; 4.125 million for $750,000 on Feb. 15, 2008; 4.125 million shares for $750,000 on May 15, 2008; 4.125 million shares for $750,000 on July 30, 2008; and 4.125 million shares for $750,000 on Nov. 15, 2008.
Each warrant is exercisable at $0.20 for the first 10,083,333 shares; $0.29 for another 10,083,333 shares; and at $0.36 for the remaining 10,083,334 shares. The warrants will expire Nov. 5, 2011.
Proceeds will be used for working capital and for the advancement and development of the company's technologies.
Following the completion of the investment, ACCBT will own a majority of the company's outstanding common shares and warrants.
New York-based BrainStorm develops adult stem cell therapeutic products derived from bone marrow cells to treat neurodegenerative diseases.
| Issuer: | BrainStorm Cell Therapeutics Inc.
|
| Issue: | Stock
|
| Amount: | $5 million
|
| Shares: | 27.5 million
|
| Price: | $0.18 (approximate)
|
| Warrants: | For 30.25 million shares
|
| Warrant expiration: | Nov. 5, 2011
|
| Warrant strike price: | $0.20 for the first 10,083,333 shares; $0.29 for the next 10,083,333 shares; $0.36 for the final 10,083,334 shares
|
| Investor: | ACCBT Corp.
|
| Announcement date: | July 2
|
| Settlement dates: | Aug. 30, 2007 (for 6.875 million); Nov. 15, 2007 (for 4.125 million); Feb. 15, 2008 (for 4.125 million); May 15, 2008 (for 4.125 million); July 30, 2008 (for 4.125 million shares); Nov. 15, 2008 (for 4.125 million shares)
|
| Stock symbol: | OTCBB: BCLI
|
| Stock price: | $0.47 at close July 2
|
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