Law & Health Weekly
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Avitar, Inc.
Diagnostic products firm announces $1M private placement
June 26th, 2004
Avitar, Inc., (AVR) announced that it raised gross proceeds of $1,000,000 in a private placement of convertible preferred stock and warrants, and that it converted $1,250,000 of long-term debt into convertible preferred stock. The securities issued in the private placement and the conversion of debt were 2,316 shares of Series A Convertible Preferred Stock and Warrants to purchase 100,000 shares of Common Stock. The $2,316,000 of Preferred Stock is convertible into Common Stock at the lesser of $0.12 per share or 85% of the average of the three lowest bid prices for the 10 trading days immediately prior to the notice of conversion, subject to adjustments and minimum...
Source: Law & Health Weekly (2004-06-26)
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