The agreement includes 6.6 million aggregate units of common stock and warrants. For each unit purchased, investors will get 1 share of common stock and a warrant to purchase 1 share of stock, according to the agreement.
Investors agreed to pay a negotiated price of $2.00 per unit, according to MRI Interventions, and the warrants’ exercise price is $2.20 apiece. The warrants are exercisable for 5 years beginning on the date of issuance.
The Irvine, Calif.-based company expects the private placement to close today.
“We are very excited to complete this financing, and by the very strong interest from both new and existing investors,” president & CEO Frank Grillo said in prepared remarks. “With this financing as the capstone, the company is now firing on all cylinders. We are pleased with the continued growth of our ClearPoint neuro navigation system; we are pleased with the progress already underway in our recently announced programs with the Mayo Clinic and Acoustic MedSystems; we are pleased to announce the successful completion of this financing; and with these funds in place, we will now seek to up-list to a national exchange.”
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