Remedent, Inc. (REMI.OB) recently reported that it has sold 5.6 million shares of its common stock at a per share price of $1.25 in a private placement with institutional investors.
In addition to the shares, the institutional investors will also receive warrants to purchase an additional 4.2 million shares of common stock at an exercise price of $1.55.
Net proceeds to Remedent from the sale of the shares of common stock will be approximately $6.2 million. The net proceeds will be used for working capital and general corporate purposes and for setting up the United States marketing and distribution activities for its new revolutionary veneer technology, called GlamSmile(TM).
Remedent, Inc., a publicly listed company trading on the OTCBB, strives to be a world leader in the research and development, manufacturing and marketing of oral care and cosmetic dentistry products.
Remedent products are renowned for their technological superiority and ease-of-use. Based in Deurle, Belgium, Remedent has successfully researched, developed and manufactured all of its own products. These products are now distributed in more than 35 countries worldwide.
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