ProUroCare Medical Inc. (OTCBB: PUMD) (OTCBB: PUMDU) (OTCBB: PUMDW) today announced the successful completion of its tender offer to holders of certain outstanding warrants, resulting in gross proceeds to the Company of $1.6 million. Under the offer, the terms of the warrants were temporarily modified so that holders who exercised their warrants by November 6, 2009 would receive, in addition to the shares of common stock purchased upon exercise, an equal number of three-year replacement warrants.
The replacement warrants are exercisable at $1.30 per share and may be called at ProUroCare’s discretion at any time after the last sales price of its common stock equals or exceeds $4.00 per share for ten consecutive trading days. Warrants to purchase more than 1.2 million shares were tendered pursuant to the offer. Proceeds from the offering are to be used to accelerate certain technology enhancements and design improvements to the Company’s ProUroScan product and expand the number of ProUroScan system placements for clinical studies, as well as for working capital, operating expenses and other general corporate purposes.