24. October 2009 02:15
PhotoMedex, Inc. (Nasdaq:PHMD) today announced that it has closed a private placement of approximately 4.17 million shares of its common stock at a price of $0.65 per share. Gross proceeds from the private placement are approximately $2.7 million. The purchasers were accredited investors, some of which were institutions. No finders’ fees or warrants were involved in the placement. The Company intends to use the proceeds from the private placement for general working capital purposes.
The securities offered in the private placement were not registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws. The Company has agreed with its investors to register the shares on a piggy-back basis.
Source: PhotoMedex, Inc.
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