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News Breaks | | | | March 19, 2013 | | 09:16 EDT |  | IPCI | Intellipharmaceutics to raise $3.1M in registered direct offering
Intellipharmaceutics International announced that it is raising approximately $3.1M in a registered direct unit offering at a price of $1.72 per unit. In connection with the offering, the company will be issuing to the investors an aggregate of 1,815,000 common shares and warrants to purchase an additional 453,750 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of $2.10 per share of common stock. After placement agent fees and estimated offering expenses, the company expects to receive net proceeds of approximately $2.7M. The offering is expected to close on or about March 22. Roth Capital Partners served as lead placement agent for the offering. Brean Capital and Maxim Group served as co-placement agents for the transaction. | |
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