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Converted Organics Inc.
Converted Organics Inc. Announces Registered Direct Offering of Common Stock; Proceeds to Be Used to Retire Debt
June 13th, 2009
Converted Organics Inc. (NASDAQ:COIN) announced it has entered into definitive agreements with institutional investors to raise gross proceeds of $2,100,000, before placement agent's fees and other offering expenses, in a registered direct offering. Under the terms of the transaction, Converted Organics will sell 1.5 million shares of its common stock for $1.40 per share. Investors will also receive short-term warrants for the purchase of one share of common stock for each share of common stock purchased. These warrants will be exercisable at any time on or after the date of issuance until August 14, 2009 at an exercise price of $1.40 per share of common stock. The...
Source: Law & Health Weekly (2009-06-13)
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