BSD Medical Corp. (BSDM) said Tuesday it has entered into a securities purchase agreement with two institutional investors for the sale of about 4.07 million shares of its common stock in a registered direct offering at $1.23 per share.
In addition, warrants to purchase over 3 million shares of common stock in the aggregate will be issued to the investors. The warrants are exercisable beginning six months and one day after closing, expire 5 years after becoming exercisable, and have an exercise price of $1.65 per share.
Gross proceeds of the offering are expected to be about $5 million.
BSD Medical said that the net proceeds from the offering will be used for general working capital purposes.
The completion of the offering will occur on or before April 12.
Roth Capital Partners served as the placement agent for the offering.
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