Osteologix, Inc. (OLGX.OB) recently reported that it has closed a financing in which the company has sold common stock and warrants to purchase common stock to both new and existing investors for gross proceeds of $5,050,000.
Under the terms of the purchase agreement, Osteologix issued 3,825,754 shares of common stock and 1,912,877 warrants to purchase common stock to the investors. The common stock was sold for a purchase price of $1.32 per share. The warrants have an exercise price of $1.20 per share and expire on August 31, 2008.
“This financing, which we were able to complete at a premium to the market price of our stock, is an important achievement for Osteologix. We are very pleased to have attracted new, high profile investors like Biotechnology Value Fund into the Company, while simultaneously receiving a vote of confidence from the largest shareholder through its additional investment,” stated Philip J. Young, President and Chief Executive Officer.
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